Traditional record sales have been on the decline for quite sometime.
I remember in the 1990s & early 2000s there were several high street music stores - Andy's Records, Our Price, Virgin Megastore, Music Zone and finally HMV who appear to be the last man standing.
Even HMV have struggled in recent times and have avoided administration, but they have streamlined their stores. There is still one in my town and it isn't massively busy, but HMV appear to have branched out in selling T-shirts, books and other assortments.
I do recall the introduction of mini-discs many years ago, which were intended to succeed CDs but they never took off. Blu-ray is the intended successor to DVDs but again it hasn't really progressed enough and the Netflix age appears to have stopped Blu-ray in it's tracks.
I cannot see DVDs or CDs becoming obsolete anytime soon like cassettes and VHS did, but they will perhaps become less available in shops & retail outlets as time moves on.
CJ