I have terabytes of movies and series. I've spent like 1 hour in the past 12 months adding some stuff to my collection. HDD space is extremely cheap and keeping a local copy is such low effort that I don't see why I should get rid of my collection. Some of it is also so rare as to be impossible to find unless you're a member of some private sharing sites (try finding a complete archive of Jon Stewart on The Daily Show).

I've also lost terabytes of shows/movies before and wasn't affected by it at all. Shit happens. But I prefer having high quality copies immediately available. I've had a complete rip of the animated show "Hey, Arnold!" for like 3 years and only just started watching the whole thing now, and I'm thankful to my past self for giving me such convenient access to something I enjoyed so much as a kid.