You may like these previous answers. But these are not to discourage discussion here -- further questions, data, and debate are welcome.
"When did music shift from long, drawn out symphonies to the short songs of today?" at https://www.reddit.com/r/AskHistorians/comments/33xe4y/when_did_music_shift_from_long_drawn_out/ has answers from /u/joglaser , /u/erus , and /u/thesweetestpunch . This discussed history back centuries.
Similarly, "When did hour long symphonies turn into short, three minute songs?" at https://www.reddit.com/r/AskHistorians/comments/30jhxd/when_did_hour_long_symphonies_turn_into_short/ has an answer by 3fox.
For some more recent factors concerning technology, you can see "The standard duration of a pop song is about three minutes. Was it always this way? Why weren't songs longer or shorter?", with a thread under https://www.reddit.com/r/AskHistorians/comments/3o1cu3/the_standard_duration_of_a_pop_song_is_about/cvte86u/ by thesweetestpunch. (If you go to the base of the discussion, there are several severely downvoted replies along the way; depending on your Reddit settings, these replies may cause this thread to be collapsed on you.)
Edit to make it easier to copy and paste this in the future: "When and how did ~3 minutes become the standard length of pop songs?" at https://www.reddit.com/r/AskHistorians/comments/6v1jtj/when_and_how_did_3_minutes_become_the_standard/ ; check both replies by hillsonghoods.
In addition to all the fine answers collated by /u/scarlet_sage, I had a go at answering a similar question here - make sure you read the follow-up too, as there was information in that I would have put in the original reply!