I make the point about streaming services taking down films and programmes in the article I linked to, but I was unaware that labour disputes could contribute to this as well. Yet another argument for physical media.
Regarding the space thing: I wouldn't expect everyone to have a library as insanely large as mine (of books, films, and records/CDs) but regardless of space limitations, in the not so distant past, it was perfectly normal to have at least a moderate amount of books, films, records, etc, when they were favourites. Relying on streaming services for these is lunacy to my mind.
I don't know enough about external hard drives, but I do know they can corrupt (or so I'm told). And I don't trust "the cloud" with art. :)