It’s time to finally decide: Has “Video Killed the Radio Star” or not?

More than two decades have passed since MTV ushered in a new era of glitz, hype and art by kicking off with that Buggles song, a tune that foretold the murder of music as we knew it at the hands of the new Video God.

If nothing else, the song flatlined the Buggles into a one-hit wonder. But that hardly stopped MTV from going on to shift the entire pop landscape. Consider even a smattering of the network’s impact:

On the plus side, MTV encouraged videos to evolve into a genuine art form, at least during the network’s most musical years. From the mid-’80s to mid-’90s, music clips birthed directorial auteurs Michele Gondry, Spike Jonze, Jean-Baptiste Mondino, David Fincher, Matt Mahurin and Robert Longo.

The network also inflated formerly cultish musicians into stars on par with the biggest movie icons. That lifted the sales, and influence, of music to unprecedented heights and opened the way for multimedia moguls such as P. Diddy and Jay-Z.

MTV’s accent on image also encouraged artists to expose their personalities, an invitation most creatively embraced by Madonna, who practically defined the network’s first decade.

Of course, those contributions came with some dubious flip sides.

The pervasiveness of video clips made lip-synching seem natural, presaging nonsinging stars like Ashlee Simpson. Video’s demand for beautiful people lionized looks over talent and made it possible for someone with a gnat-size voice but a bodacious-sized butt — calling J.Lo! — to sell millions of CDs. And the cult of “personality” became so huge that having your own reality show became more important than having a hit single.

That last innovation is now the network’s cornerstone. Which is why lately it’s easier to find an octogenarian on MTV than it is to spot an actual video clip.

“There’s a complaint you hear all the time from managers and labels that MTV just doesn’t play music anymore,” says one well-connected industry observer who didn’t want to be identified for fear of riling the network. “Everyone wonders how it got to this state.”

Yet MTV programming czar Tom Calderone argues that the network has “more platforms for music than ever, with MTV2 and MTV.com. It’s as loud as ever.”

But how many people hear that? Located in the frozen tundra of the TV dial, MTV2 hardly commands the viewership of the mother channel. The network declined to reveal the outlet’s ratings, nor would it comment on how much music now airs on MTV.

The network is focused on producing original shows that influence something broader than music — namely, the whole culture.

It was MTV that ushered in the “reality” era with 1992’s “The Real World.” Since then, this flesh-eating-disease-of-an-art-form has devoured the bulk of mainstream network programming. “Imitation,” says Calderone, “is the sincerest form of flattery.”

MTV circa 2005 accents “Cribs,” “Diary,” “Newlyweds” and “I Want a Famous Face,” which sell idealized lifestyles rather than songs. In such shows, musicians don’t sell music directly. They generate interest by boasting about how much they own (“Cribs,” “Pimp My Ride”) or by humiliating themselves (“Newlyweds,” “The Osbournes”).

The dearth of airtime for music has prompted canny musicians to seek new ways to hawk themselves on TV. Multiplatinum stars like Josh Groban, Andrea Bocelli and Sarah Brightman forged careers largely with the aid of the egghead outlet PBS. At the same time, veterans from Rod Stewart to Michael McDonald moved millions of CDs via direct TV ads.

Some artists have even used an anti-MTV promotional strategy. Norah Jones sold 20 million records by avoiding an MTV-style image in favor of a more subtle come-on.

Meanwhile, new technology presents fresh ways to bring music to the masses, ranging from Internet downloading to satellite radio. Ironically, MTV created the template these alternative media now use to hype their wares.

Likewise, after making radio seem old hat for a spell, MTV’s downplaying of music has given the airwaves back their former power.

Don’t get the wrong idea. MTV remains a global colossus, with exposure in more households and on more continents than ever. But its clout is now more abstracted and diffuse.

As a result, nearly a quarter-century after MTV declared radio dead, a new generation of conglomerated stations continues to flourish, financially, if not creatively. Live music plays on, even if it now involves more canned elements. Even some un-videogenic bands have launched major careers. (Phish anyone?)

In other words, the radio star lives. MTV lives. And so does the music. It’s just that none of them look — or sound — quite like before.