Brayden King suggests not:
Do genres matter as much as they once did? I see a couple of reasons to give his argument merit. The first is that the Internet really does seem to have freed artists to "remix" and hybridize musical genres more than was done in the past. The Internet has become its own scene, reducing the importance of old geographic-based scenes, which in turn makes it more likely that people working in different genres or subgenres will be aware of and influence each other. And I also think there is some truth to the idea that precisely subdividing subgenres has the ironic effect of making those subgenres less meaningful and less constraining.
Sub-subgenres are usually just hybrids of two or more genres anyway, and so what difference does it make to layer on a third or fourth genre? Melding together 4-5 new genres subsequently decreases the social distance between you and every other artist working in the space of popular music and simultaneously opens the possibility of bringing in old genres in your next creative moment. Suddenly the idea that Texas polka has real combinatorial potential for rap seems possible.
The Dish 