You will own nothing, and you WILL be happy.
I don't want to put everything in the cloud. Three reasons:
1. The Fappening - you have no real guarantee that your data is safe
2. Subscription fees - your data and files are held to ransom
3. Memory holing - your data can be tweaked or bowdlerised or baleeted whenever it becomes inconvenient to the powers that be
Also there's something comforting about having physical media. You have a CD or a cassette tape or a vinyl of an album, you have it. It is there. It is set in stone (or plastic, or rust, or aluminium foil) and immutable. It will always have that song that isn't considered PC any more, or which upset the Chicoms that one time, or that episode where Kyle explains Islamists' use of the hecklers' veto, or where Xena and Gabrielle rampantly culturally appropriate Indians, or where the Major explains the difference between wogs and niggers to Basil Fawlty, or where Uncle Albert won't get any credit from the Paki shop, etc. You have a subscription on a streaming service, you don't; you have a bit on a server somewhere that means that this user is permitted to listen to this album or watch that film. And if that song or film or episode is now wrongthinkful, welp, sucks to be you.
I am currently in the process of digging out as many spare drives as I have to fill with downloaded copies of media as proof against the inevitable Ministry of Truthing of history which will no doubt come in the streaming world. The pulling of "culturally insensitive" things further to the George Floyd protests is only the beginning, you mark my words.