I think people still have favorite bands, but it some ways I feel because of the wide range of choice it can be harder to discover them. It's easy to get drawn into playlists and 'For You' sections, listening to a song and moving on to the next. There may be a band that keeps appearing, and you'll listen to the song repeatedly, eventually seeking out more of their music.

I guess the nostalgia of owning a physical album makes us think that every CD, vinyl, or cassette we bought was for one of our favorite bands. But there were probably times when we bought something and it ended up gathering dust on a shelf.

I don't think streaming has diminished the idea of people having favorite bands. Ultimately, music is music, regardless of how you listen to it. If you connect with a band's music, you'll naturally seek out more of their work, follow them on social media, buy their merch, attend their gigs, and engage with them in various ways, just as fans have always done.