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Originally Posted by The Porn Nerd
COMPLETE agreement. But I consider Metallica, Iron Maiden, even bands like Pearl Jam and Nirvana to be from that 'last wave' of great bands. Remember, "25+ years" is getting to the early nineties! LOL
But yeah both those bands are amazing. 
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Both Metallica and Iron Maiden are still going strong and both have undergone gradual changes to their sounds. Some people, like me, will always prefer early Metallica and Maiden. But their younger followings tend to be more skewed towards their more recent works.
As for waves of great bands, I think the problem lies primarily in distribution. Back when say MTV was still about music and not reality shows, the record companies were busting their asses to make killer music videos and get them played. They were bending over backwards to promote new bands and new sounds by getting them radio airplay. BUT those bands had very little indie competition. So if a band was signed, you could hear their music, if not, well...
Nowadays ANYONE can record a song and even a video and have it up on YouTube in a minute. But no one is promoting them, the way labels used to promote their artists pre-iTunes. At the same time the labels have become even more selective with that they choose to promote, since they can no longer rely on record sales alone to recoup their investments. Not only that, but they also kick in less funds for promotions.
My point is, nowadays you have a shotgun approach. Or rather said, a bunch of shit throwing itself (LOL) at the wall, to see if it sticks. Among that you have the occasional rifle bullet. Back in the day you had A LOT of high-accuracy sniper shots being taken. Most of them used to land too. Even if the artist sucked, at the end of profitability only came down to how much money you can throw at promotion, because there wasn't a whole lot of competition, compared to nowadays. Few really bummed, the worst issue used to be how good of a ROI they'd make, not if they'd turn a profit.
