They're work has certainly declined over the years. For those who know what they're capable of, this last album is at least dissapointing.
Luckily there are other bands deeply inspired by U2 that can still make good songs.
I'm still waiting for a real U2 come-back album.
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Yes, I believe U2 is still relevant, but not in the same way they used to be.

It seems to me that bands like Coldplay and Radiohead are inspired by U2, so that makes U2 possibly less unique in the music world, but still relevant--at the very least as inspiration to other newer, younger bands.
The members of U2 are not spring chickens anymore. They have progressed beyond their radical, ground-breaking youth, but to my mind they are still musically relevant, just in a more mature way.

Even if one considers only Bono's activism for awareness of the African AIDS epidemic, it's hard to argue that U2 is irrelevant in non-musical arenas. He has been probably more influential than any other celebrity in getting that cause noticed. Again, this seems a type of more mature relevance that comes with age--making a difference on a lasting scale.

So I think it would be a shame if they retired. No one can perform their music live like they can, and, as long as they still want to make music together, I believe they certainly should.
Source(s):
Just my own thoughts & opinions

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At this point in their career, I don't think relevancy is going to affect them much at all. The Rolling Stones haven't been relevant since the 70s, but they can still sell out an arena. U2 are probably past the point where they're going to have a big impact on the culture every time they release an album, but those albums will still sell and people will still want more of them. They should keep going as long as they want to.
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I think that Bono has become so ridiculous that it is impossible to take U2 seriously anymore.

BONO IS THE KING OF THE UNIVERSE LOL
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I don't think the other bands have anything to do with U2 no longer being relevant at all. I don't think one band can push another band into that harsh realm of non-relevance.

Still, I feel like U2 really ISN'T relevant any more. The last decent album (again in my humble opinion) was Achtung Baby and even THAT is debateable. I feel like the more interest Bono puts into saving the world, the less interesting the band gets.

This latest album is pretty weak. It's so poppy and glam, it barely resembles what used to be a REALLY pissed off Irish band! That was the U2 I fell in love with - the U2 who meant something to people and would give you chills when you listened to it. This claptrap they've been putting out is...just...bad!

While I understand that bands "evolve" and "change" (look at Metallica), they should change for the better, not make something that appeals to the masses. That was what made them so great to begin with: they made great music that inspired people, as opposed to making music for the sake of pleasing the masses. That's when a band loses their soul and slips into irrelevancy.
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Bono could rule the world were he to choose to.
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