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I think the go back and watch older stuff can certainly increase the perception of a talent, but that is really only important is they are still active.
I think of Stone Cold, there are certainly teenagers today who were born after his last match, and when he was announced to main event Wrestlemania this year, I could easily envision those fans watching his highlights and getting invested in him enough to part with money.
If he doesn't have that match against K.O. less people would have watched Mania, and he would have sold less merch this year than he has, and he certainly would not have trended on Social Media.
Austin is also a bad example because his run certainly is not undervalued. In terms of drawing ability, Austin being announced for Raw this year is going to get more buzz than last year, because now there is the added possibility of "what if he is appearing to setup another match?" instead of just a legend's appearance.
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