like many of the other responses to this post, I think that having physical copies of media ensures that there is some enduring access. Itโs archival.
I would also add that having the physical copies enhances engagement with the media. This is of course a privilege bc physical media is usually more expensive than digital, but I do think that consuming Digital media is often more passive. Idk. I love my phone too (and Spotify and the internet archive and Gutenberg project). But after I started collecting CDs and physical books I became very interested in getting as much as possible out of them. listening to the same album in its entirety for weeks at a time. rereading a book (Seriously, I would rarely reread a book before).
Also lending the copies to friends is the best thing in the world. Like being able to share and then discus- or even just the sharing. Whether or not you get it back it just becomes a gift. Which is nice.
Anyways to blabber on this last point: I donโt think that you always have to personally own and keep forever all of the physical media you accrue. just going to a library does a lot of the same good (supporting local archiving + engaging with stuff my tangibly + media becoming communal). learning that many libraries still have VHS, CDs, and DVDs available to check out changed my life. ya.