I had a purge of pretty much all my physical media a bit over a decade ago. I had a little over 1000 DVDs and Blu-rays. Probably 200 VHS too. God knows how many CDs and tapes.
Rather than ditch them and say "I will just use streaming to watch/listen when I want to" which is very naive IMHO I ripped them all to hard disks and archived them to some LTO tapes I had. Granted not everyone has access to this kind of equipment but these days there are other options anyway. I don't use LTO anymore.
Today I have full access to my entire movie, music, photo, and software collection near instantly from my NAS. Some stuff isn't online (as in not powered up) as it would just be a waste of power but I can switch it on if I ever feel the need to watch something I haven't watched in two decades but don't want to delete forever :)
I have some redundancy via RAID as well as on site/offline duplication should something really go wrong. Plus I have an off site backup. It isn't actually as much space as you would think even for a pretty huge number of movies as old stuff is pretty small. It is only recently with 4K HDR movies that we are looking at ~90GB for some movies. Storage isn't very expensive these days. When I did a quick comparison a while back I worked out it was less for the HDDs than it was to ship them all from one country to another let alone the non-quantifiable cost of my time packing, moving, unpacking, and physical storage space.
Ideally I would share the cost with others as it is kinda stupid for there to be multiple copies of the same movies and TV shows for no reason but sadly there isn't a solution for this and with the copyright laws and all that it is unlikely there ever will be something as reliable as doing it yourself.