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Turkish said:

You look back at past gens, and they produced so many giants, last year many died and world took notice. Alive or dead, past generations have produced more greats in movies, music, sports, politics etc than this gen ever will:

Muhammad Ali, Maradonna, George Michael, Michael Jordan, Kobe Bryant, Jean Claud Van Damme, Arnold Scharzenegger, Michael Hutchence, Michael Jackson, Prince, Queen, Freddie Mercury, Bono, The Beatles, The Rolling Stones, Led Zeppelin, Jimi Hendrix, The Doors, Deep Purple, David Bowie, Judas Priest, Iron Maiden, Metallica, Bon Jovi, Guns N Roses, Tupac, Biggie, NWA

Compare those with the new stars: Justin Bieber, Lady Gaga, mumble rappers...?

1. Some millenials are nearing almost 40, this gen hasn't produced much to replace the fading or the stars that are gone already.

2. Among the common folk, all I see from millenials is false nostalgia for an era they never lived in. 80s and 90s nostalgia is the hype now with companies and people trying to capture the old magic. Some do it succesfully while others fail miserably. This current longing for the past is far greater than people in the 80s and 90s looked back at the 50s or 60s.

3. Point is, this is the most unremarkable generation, the one after millenials is going to be even worse. You look back at past decades and they all stand out, not with the 00s or 10s. I dunno what will stand out of the past decade in 20-30 years. Both sports, music, movies, gaming have regressed.

You've made an interesting point for thought. I was a teenager in the late 70's early 80's, so I guess that puts me at the early end of Gen X. So here's my perspective to the points bolded for what it's worth (not in chronological order):

2. In terms of music at least, the 80's and 90's were really just a continuation of a revolution that began in the 50's and 60's. I can't speak for the generation before me, but from the perspective of people my age, the late 70's and 80's were far too interesting for us to give a shit about what our parents were being nostalgic about back in the 50's and 60's. When I see rockumentaries now, I watch the ones about the 70's and 80's with a nostalgic feel, but the ones about the 50's and 60's happened before I was born. To me, it's just historical.

3. In the 1990's, particularly the late 90's I felt the same way as you do now about the 00's and 10's. At the time I felt that decade didn't have its own identity, fashions, etc. But looking back now, yes, the 90's have their own flavour, their own style. Give it 20 years and you may see the 00's and 10's in a similar way.

1. I think that one major underlying reason as to why the millenial generation don't appear to have produced such huge icons as in generations past (and I emphasise appear to, here) is because of the vastly different and varied ways the world is presented to us, compared with 30 years ago. In the 80's and 90's we had TV, movies, radio and newspapers/magazines. That was it. Compared with what we have now, that's a very narrow tube through which we were fed news, entertainment, music etc. Today, with the internet, social media, YouTube etc. everything is much more accessible, but at the same time much more diluted. There's far more choice, and as a result I think it's more difficult for icons to emerge. 

So I think that the millenials are no less remarkable than the generation that produced the David Bowies, George Michaels and Princes, it's just more difficult for them to make themselves heard. And as you remarked, the millenials are still a few years off turning 40 - which to someone like me, is no great age at all.

Just an alternative perspective.