I can't play any CDs because I don't have a CD player at home, however, at some point many, many years ago I ripped all the CDs I had to FLAC and so I'll have access to my music collection as long as I live, no matter how technology (or the wishes of record companies) changes, and even after my death my kids should be able to freely access my collection if they would want to, just as I have listened to vinyl records that my grandparents had.

That is what a purchase means, it's supposed to be permanent, not subject to anyone's decisions on whether that music should remain available or whether it's worth to re-issue it in a new format. I would not be able to re-buy some of that music even if I wanted to (weird local bands that are not available anywhere now), but there's no reason why I should have to - digital data does not degrade, so a single copy should be sufficient forever.