For what it's worth, I think storage capacity and miniaturization is increasing faster than the amount of music produced. And lossless compression only gets better. I won't be surprised to see portable music players, tablets, phones, &c have the capacity to store 1.65 TiB of music in a few years.
The time to load up your device may take a bit longer, tho.
Maybe we'll see music players preloaded with all the music. Marketing such a device is something for the big labels to consider.