I think it will play some role but not near what it has in the past. Mainly because the medieval and renaissance periods were a "Christian" society, at least publicly. In our post enlightenment age we are in an individualism and secular society.
We don't have near as many great artist creating music, art, and literature with a Christian theme that is consumed by masses. In our age Christian art, music, and literature is mainly consumed by Christians only.
Every once in a while we will have a decent Christian themed movie and every once is a while a Christian song will cross over to secular radio (I Can Only Imagine comes to mind) but those are the exceptions and not the norm. But I doubt we have anything to rival Handel's Messiah or anyone with the cultural influence of Michelangelo or the influence of the writings of C.S. Lewis.