It could be talking about the death of the Hair Metal scene in the early 90's, perhaps a band who is still hanging. I don't think the "punk is dead" line at the start means the person in question is a punk rocker, but probably refferring to the fact that, at the start of the 80's everyone was saying "Punk is dead". He's basically saying to this guy "yeah, punk is dead, but you're next".
It could be talking about the death of the Hair Metal scene in the early 90's, perhaps a band who is still hanging. I don't think the "punk is dead" line at the start means the person in question is a punk rocker, but probably refferring to the fact that, at the start of the 80's everyone was saying "Punk is dead". He's basically saying to this guy "yeah, punk is dead, but you're next".