People seem to forget human nature. We like 'having and owning films'. Storing them all on a hard drive (like treasured photos)- isn't the same. What happens when you upgrade/change your device?
Will the majority of people be happy with cloud-based storage? There will always be a place for music/films on the high st IMO.
whats changing is that physical media could become rare - books go out of print, albums get deleted or even if they don't, shops stop stocking them. So the hoard instinct comes from having had to hunt stuff down to get it and look after it incase it ceases to be available. If you are old enough to have needed to do that then that hoarding instinct might persist. Digital media seems infinitely available - theres no need to hoard stuff because once its available online there seems no likelihood it will ever become unavailable. So theres no real need to 'store' your music or your films either on your PC or in some distant cloud, all you'd really need is a licence to consume it any time you like.