Marketing Latino Cool

Half a century after the biggest Hispanic-specific media conglomerate started to take shape, most media outlets and agencies targeting Hispanics are still creating and marketing content based on formulas that came out of Latin America (family-centered, allegedly conservative programming). But as this demographic shifts towards 2nd and 3rd generation Latinos, and Latino culture becomes more complex and sophisticated, that formula is rapidly becoming obsolete. Specifically, is there a distinctive brand of Latino cool that media outlets and marketers are missing, and why?