Is the online music and movie industry giving regular movie stores a run for their money?

Music and movie stores like Hollywood Video, Blockbuster and FYE are all slowly diminishing now that the new fad of downloading music and movies online is overtaking the industries.
Some of the most popular sites to download music and movies are Itunes, Netflix, and Zune. There are other companies out there that you can download and watch movies. Limewire is one where you can file share...which is illegal, but people still do it. You can download music and audio on there. Jamglue is another file sharing site. These are all free of charge.
There are other sites that charge a monthly fee, besides Netflix, and they can be found on this site,

Warning: Be careful when downloading files from a file sharing site. Sometimes the files you download may contain security threats or harmful viewing material to children. What you think you may be downloading, it may be something entirely different.

I must admit though, downloading music and movies is much more easier than renting and having to return by a deadline. You can watch the movies anytime you want and there's no late fees!