In fact classical music is alive and well and still being composed. It makes no money, but many composers can turn out marvellous film scores. Carl Davis for one.
And Andrew Lloyd Webber - father to the later ones - was composing in that style through to the 1970s
My nephew is a professional composer: his money comes from film and advertising work, but he does occasionally compose for his own amusement. He will use whatever eclectic mix of instruments suits the mood.
He could care less whether its 'classical' '60s blues' - 'millennial mood music on synth' - he studied them all and can recreate them all.