I think a big point is missing, here.
Digital reading gives the user totally different stimuli than paper print (and audiobook).
LP, cassettes, CDs and audiofiles stimulate the auditive channel of their listeners all in the same measure. None of them stimulate visual, tactile or olfactory senses. So they compete for the same audience.
Single player videogames are essentially the same whether played in a boot or at home. And the Internet can replace and somehow expand the social aspect of gaming.
When on paper, you can't distinguish between a digital photo and a film one (unless the latter is a good B&W or a medium format: still no match there). But there will always be place for the darkroom, with the distinctive smell of acid...
When it comes to book vs ebooks, the thing is completely different: they don't give comparable experiences to the users. The only stimulus they can give in common is the visual one.
A paper book cannot be replaced by an epub file when it comes to the senses of touch, smell and hearing.
The sound of pages turning, the weight of the book swifting from one hand to the other while going on through a story, the dusty smell of old paper... They cannot be digitized, as of now.
So, while people more sensible to visual stimuli like I am can easily switch from paper to devices, the ones who rather lean on other senses cannot and won't.
And that's why audiobooks won't never replace printed books, too: they rely only on the sense of hearing.
Print Industry will suffer, of course. It can lose a great percentage of its audience. But not all of it.
Because we don't yet have a perfect and complete replacement for the book, something that gives the whole experience, in the digital world.
