Sadly, yes. It's more of a reason why you should download the stuff you want and need before it's too late: https://news.ycombinator.com/item?id=39908676

Yes. If there is something you think you might personally want in the future and you can download it today you probably should. But it’s probably not terabytes.

The vast bulk of content is lost forever and given how much is created I’m not even sure that’s a bad thing. And if literally everything were magically siphoned up I’m also not sure that’s a good thing.