When used ironically, used by young artists (teens-30) to refer to work that will convince 30-40 year old money people that it will appeal to young people; not necessarily what the young artist or his/her young audience wants, but what the money people feel they should want.
"How's the mural on the coffeehouse wall coming?"
"The backer drove in from the suburbs and said it wasn't hip enough, so now I've got to put in a bunch of oldstyle stuff so he'll think it'll appeal to young people."
The band is young, intellectual, and hip=a 40-year-old rock critic can't fit into their jeans, but gets their inside jokes, and would have loved them when he was twenty.
Publisher (who is fifty) to a roomful of 20 year old writers and editors: we've got to remake the mag into something hip that will appeal to 20 somethings. Writer (after he goes): So is hip the new lame? Editor: No, hip is what we'd like if we liked what he'd like us to like.
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