Generation XY is the cusp generation between Gen X and Y. However some people might feel more connected to either Gen X or Gen Y instead, and that is fine too. XY is the last generation to have grown up with things like VHS, cassettes, and records, and can appreciate the the shift in the changing culture more than other generations, after the transition to digital. However many (or most) Gen Yers and even some Zers have also seen the transition from analogue media to digital, because those analogue techs held on for a long time. Gen XY is also the first to grow up with Personal Computers in the home.
Gen Yers are known as the "first digitals". Gen Zers are known as "digital natives". The deciding difference between Gen Y and Z, is not so much about birth year--which is actually disputed. The reason is that generations (not including transitional ones like Gen XY) tend to be roughly 20 yrs in length. However in recent years it seems to be speeding up. Originally Gen Y was defined to end at 2001, for convenience sake. Now more people say that the ending date is more mid to late 1990s. The deciding factor is more which events that you can remember, and whether you consider yourself to be a "first digital" or a "digital native". If you can clearly remember 9/11, which is a defining event for Gen Y, then you're a Gen Y. If you can't remember, or barely remember a world without modern digital technology like the Internet or iPods, then you're Gen Z. If you can clearly remember the collapse of the Soviet Union, East Germany, etc., then you are Generation X or XY.
As for bands, Gen Y is associated with things like the Spice Girls, NSync, the Backstreet Boys; whereas Gen Z is more Hannah Montana, the Jonas Brothers, etc.