These people have been extint for about 2000 years, but God is going to do a special work that required him to let us know about it. When he is going to let us know about something special he has to do so by revelation from his prohpets. So yes he has instituted prophets about two years ago. He hasn't used multiple prophets for two cennturies, but that has changed now. Some of the modern prophets that are all agreeing about what is going to happen shortly are: Robin Bullock, Kent Ckhristmas, Hank Kunneman, Amanda Grace, Timothy Dixon and a lady who's spirit God regularly takes to Heaven, Kat Kerr. God wants us to hear what they are saying, so I urge you to check them out.
Prophets have not been extinct. They have been ignored and rejected, which is often the mark of a true prophet. The role of a prophet is to receive revelation from God and pass it onto those who are called to teach. Teachers then should be making the revelation widely known.
The obvious response to this is that we have the Bible. Sure. But even the most cursory scan of this and other forums shows how little agreement there is among Christians. The most fundamental concept, salvation, is poorly understood by many, leading to debates such as OSAS or not. For example, I was blessed to be taught the truth about the salvation of the soul as a separate experience from the initial experience of being born again. The person who taught me this was a prophet.
No disrespect intended, but I'm highly sceptical of prophets. I check them out thoroughly. I compare their proclamations to God's word. One well known "prophet" stated that the Holy Spirit is Lord. He bases his statement on one, misinterpreted scripture. He ignores the rest of God's word.
We need to remember that the Holy Spirit is in effect, Jesus in a form that we can receive. John 16 tells us that the Holy Spirit takes what is of Christ and makes it known to us. The Holy Spirit guides us into truth. Lord Jesus is the Truth.
If the "spirit" is not revealing some aspect of Christ to us, then it's not the Holy Spirit. The Holy Spirit glorifies Jesus, not Himself.
I don't know the prophets mentioned. I've heard a lot about the "last days revival" that is supposed to be coming. I see no sign of a real revival. I do see signs of a counterfeit revival such as happened in the 1990's with the Toronto Blessing.
I sincerely hope that I'm wrong. Some of us (including me) have been seeking revival for decades. The church has to be restored to a place of reality and truth first.