Vinyl LPs/8Trk Cassette/2Trk Cassette/LaserDisc/CDs/DVDs.......R.I.P.
You can add in physical Books & Magazines.....
No more bulky heavy players and closets full of physical media/old books/etc.
During the phase out of all physical media the concept of "ownership" will still exist as people keep their media on their private drives in digital form. This will mostly be the older folks. The younger ones will consider not having physical media...the way it has "always been". They are already trained.
Eventually everything will exist only on "cloud" servers and when we "buy" media content, it just means you will be able to stream it to any device. Devices memories will be reduced to being able to hold a movie, a song, and a book (e.g. Apple TV). And that is all. External drives will phase out as the market shrinks driving prices up. In the end they will be too expensive for the masses.
So the bulk of all devices in the future will be just media "players" with very limited storage capabilities. Machines with more storage/power for creative music/video work will become more and more expensive as demand for these types of devices shrinks along with all associated peripherals.
The net result is that media companies will once again be "in control" of their content. This is the "end game" and it is the driving force behind the "cloud".
We will be completely dependent on the servers and delivery infrastructure to be having a "good day" if we want to listen to music, watch a movie, or read a book. God forbid the power ever goes out for humanity.