Moreover, technology has also relieved budgetary and technical limitations on producing culture. Creators no longer need to appeal to mass audience to survive, and plenty of them choose not too.
This, more than anything else, is the important takeaway of this generation. We've basically seen, if not the death of, then at least the severe decline in influence of the mono-culture. When we think of past decades, there is often a few large distinguishing things that encompassed all of pop culture. Tye-dye, grunge rock, bell bottoms, flannel, pong, disco, whatever.
These broad cultural touchstones don't really exist in the same way today; everything's too decentralized now. People don't watch the same 6 o'clock news channel, they watch their network of choice. People don't read the paper, they follow their own collection of websites. YouTube videos instead of mainstream television, indie flicks over the summer blockbuster. I've spent the last several days watching Summer Games Done Quick. It appeals to such a subculture of a subculture of a subculture, and you're not going not going to see most people on the street have even the slightest clue what that is or why it exists, but people in that group live and breathe it.
Subcultures have always existed, obviously, but the ease with which the internet has allowed them to come into being and thrive on the support of a tiny group of instantly-connected individuals mostly just means that the "millennial generation's" cultural contribution will be that you can now easily create your own instead.