I bought my first CD in 1994 (though I think my parents had a player in about 1990 or so?), when I was 15. I bought my last one in 2018. I lived through the transition from cassette copied from cassette or vinyl, to cassette copied from CD, to minidisc copied from CD[1], to MP3 file on hard disk ripped from CD, to CD copied from CD, to flash memory of various file formats ripped from CD. Throw in occasional file-sharing and listening to original media on non-portable equipment, and lingering tapes for the car.
These days I listen to music by playing FLAC files from a local (or LAN-based) storage device - the CDs themselves live in a couple of large wallets on a shelf, as backup), and don't see the point in this newfangled Spotify rubbish. Barakta seems to spend an alarming amount of time listening to music via Youtube. I attribute this to network bandwidth and computing power being ludicrously cheap, and her hearing aid making more of a mess of the music than the codec does.
I reckon those 16bit/44kHz PCM recordings will be around for a while, even if the computing substrate changes...
[1] There was technically a point before minidisc went mainstream where portable CD players became a thing, but teenagers generally didn't use them, because they were bulky and required carrying precious original media around, rather than the option of copying music from your friends.