I think it would be considered more of a revolution for multiple reasons.
A Renaissance really means reborn. But modern art and communications is innovating and inventing new technologies and ways to express art. All the advances in technology has shown how much humans have advanced mentally in time. The thought of things like phones/i pods etc were never even thought of in past century's.

So this would be considered more of a revolution as we are leading new ways of technological advancements. The Renaissance was mainly a way to help the culture of that time get out of a social black hole and introduce new ways to express art. Modern art branches of of past art to create new and more innovative ways to share that art for different cultures.

But as we are on that note, I believe that modern art depend to much on those technological advances and overshadows the much needed contemporary art of pictures, and such. If modern culture puts all focus towards technological communications, All other forms of art will be forgotten. This would be when a second Renaissance would be needed.....