Being a popular musical act is tough. They not only have to manage the expectations of their fans, who want them to keep producing great material, they have to manage the expectations of their labels, who want them to keep producing great material. Over time, many artists suffer from changing winds in musical taste, and the type of music that made them popular in one decade doesn't get much traction in another, leading many fans to ask of new songs, "What is this crap?" Or else the artist or band tries to experiment, leading many fans to ask of new songs, "What is this crap?"
What I'm basically saying is that fans tend to have a strong preference for the music that made them initially like the artist; it's a kind of nostalgia effect, I suppose. So some artists who've been around for a long time, and are no longer bound to recording contracts, have decided to base their current success on exactly what their fans are expecting: the golden oldies that made them popular. They continue touring but stop recording for the most part, or else have very long gaps of time between albums which suggest recording isn't a priority for them. Here are a few examples that've done just that:
The Rolling Stones
The Rolling Stones are among the better bands on this list, since they've actually had a new studio album in the last 10 years, that being A Bigger Bang (2005). They've had several compilation and live albums since then, some with a few new songs, but that's about it. Since 1989, the Stones have definitely slowed down their release schedule, with three studio albums during that time period. The Stones have given no indication that they're done recording, so hopefully we'll see a new album soon.