I just finished a presentation on this, and the answer is a solid no. SEO has not stopped, in fact it has grown double digits in the last year. PPC is down as a search term, but that's because of smaller players abandoning marginal businesses.
SEO is evolving towards more conversion and comprehensive search, which means they'll have to add conversion of social media to their toolkit. But the traffic itself has not gone down. It's just that social media traffic has reached equal amounts.