Music does not effect moral values for the most part. Sometimes our moral values may effect what music we choose to listen to, but while art is powerful it is not to blame for a lack of moral values in today's youth. It is mainly caused by a switch in cultural habits and such.
While music and musicians have become one of the reasons today's youth have declining values, we can also look at shady sports figures, mature movies, and other factors of media and Hollywood that have caused a decline in today's values. Young people look up to celebrities, and when they see certain activities done by their heroes, they feel those things are normal and right. Music is one of the factors that has caused a decline, because musicians (such as Miley Cyrus) are always pushing the boundaries with sex, drugs, and the like. Yet we should also realize the buck stops here--parents are responsible for monitoring what forms of media their children consume.