There won't be a big wave again until something happens to cause one. Innovation is still happening, but it usually takes a big event to really spur things again.

Back then it was a combo of Napster going away, filesharing apps typically sucking, and the invention of BitTorrent making access to content really easy. Digital music and movies were new too and ahead of their physical media counterparts.

There are many great brains trying, and it will just take one of their ideas to takeoff and become another household name.