Imagine the scene: as music journalists from across the world are summoned to the Alcor Cryonics Facility in Arizona for a mystery press conference, it’s not just the desert heat that’s causing them to sweat. They’ve been told to expect the biggest news in years, but what could it be? Rumours clog the forums on internet message boards; fans send frantic texts to one another; Twitter is flooded with ever-wilder speculation.

As the hacks are led into the vast metallic warehouse, a door in the corner suddenly opens. Out step three nigh-on spiritual figures – but ghosts, these are not. John Lennon, Ian Curtis and Kurt Cobain have been brought back from the dead, in a medical revolution also marking a joyous day for three generations of music fans. The lead singers of Joy Division and Nirvana announce that they’re ready to put out new material (it turns out that being frozen and reanimated is a surprisingly effective cure for suicidal depression, and they’re really feeling quite chipper now), while a 40-year-old John Lennon proclaims he’s re-uniting with Paul McCartney, now 30 years his senior – though back home Ringo is still waiting for his phonecall.

And the journalists at NME? They can’t believe their luck. Immediately scrapping their plans for the next three issues, they give the legendary figures a cover interview each to mark their return.

Of course, this is as much a fantasy for scientists as it is for art directors at the New Musical Express. But despite Lennon, Curtis and Cobain remaining under the sod, and for donkeys years too, that didn’t stop the magazine famous for championing new bands from delving deep into their picture archives to use that long-gone trio for their cover images across three consecutive weeks last month.

Has NME forgotten what the "N" in its name stands for? Glancing at the shelves of your local newsagents these days, it would often be fair to think so.

Yes, the current issue can be forgiven a well-deserved nostalgic pat on its own back. Having been an integral part of Britain’s gig-going and record-buying culture for 60 years, it’s only appropriate for NME to celebrate its diamond anniversary with eight “collectors” front covers. It’s hardly the freshest selection of rock stars – there is surely little teenage excitement to be found in John Lydon, Patti Smith, the Gallagher brothers, Paul Weller and the Manic Street Preachers, even alongside the Arctic Monkeys and Brandon Flowers of The Killers. But then celebrating the past is what anniversary issues are all about.

Yet what of the modern NME on a standard week? This year we’ve also seen the Rolling Stones, the Ramones, the Sex Pistols, David Bowie and Joe Strummer all featuring below that legendary masthead – names that would be more suited to Mojo or Uncut, the monthly organs of the middle-aged “50-quid-man”. Throw in other musicians who were at their peak 15 or more years ago – Blur, the Stone Roses, the Cure, the Gallaghers again – and a trend is there for all to see. Aging or dead rockers are increasingly laying claim to new music’s most highly valued real estate, previously reserved for the young and the new.

Of course, you can’t judge a magazine by its cover just as you can’t a book. Should 50-quid-man flick through the current issue, he’s unlikely to be familiar with Flying Lotus, King Krule, or Melody’s Echo Chamber. The inside of the magazine – one of the most beautifully designed on the market, produced by some of the most dedicated and passionate journalists around – is far from becoming a dad-rock bible.

But the NME’s front cover is one of those cultural institutions whose perceived importance and valued traditions mean people hold inordinately strong opinions on what they should be doing. Indeed, that’s why it’s worth writing a blog about it. Look at the anger vented in its letters pages when Lily Allen was chosen for the front a few years ago (it was probably the right decision as she was vying against The Automatic – remember them?). And how about the attention that the brilliantly bolshy naked Beth Ditto cover photo got?

T-shirts bearing classic NME covers are sold on the website these days, and Liam Gallagher says in the anniversary issue that he had “pictures from NME on my wall when I was a kid”. Would a cover of a musician who died decades earlier be worthy of a teenager sticking on the wall now, or for a T-shirt in years to come?

Personally, I can’t complain. After drunkenly bopping away to Franz Ferdinand and The Libertines during most of my drunken uni nights out – back when I would buy the NME week-in, week-out and blu-tacked the front covers to my bedroom door – the subsequent decline in the bubble of excitement around indie rock in favour of electro and hip-hop has left me cold, making me explore older artists’ back catalogues more often than discovering new bands. Save for Arcade Fire or the Yeah Yeah Yeahs, the surest way for the NME to secure me as a reader these days would admittedly involve sticking Bob Dylan or Neil Young on the front.

But perhaps that sums up the sadness of the situation. The magazine’s frequent decision to promote features on “heritage” acts from the past rather than interviews with exciting new groups such as Mercury Prize contenders Alt-J or Django Django must be commercially driven – either because the current crop of up-and-coming acts just aren’t deemed good enough, or because people listening to the hottest acts don’t care what the NME has to say anymore, leaving the magazine groping for older readers to sustain itself.

Indeed, while NME’s weekly readership fell by 13.5 per cent in the first six months of this year to 23,924, Uncut’s montly figure increased by 1.1 per cent to 63,033. The oldies’ pounds and pennies look to be winning out.

Cobain, Curtis and Lennon are immortal in rock folklore, but increasingly it’s merely the ghost of electricity that’s featuring on NME’s front covers rather than the real live thing. Without a renewed spark of life, is the magazine’s fate forlorn?