My primary sources for paid music and videos are rental streaming services - Spotify and Prime Video. I no longer buy this content, so I'm not concerned about the format.
The only files I routinely make backup copies for are audiobooks because I buy them and I have no desire to lose something I pay for if a store should go under. My format of choice here is MP3.
As to ebooks, I no longer make backup copies because I only buy free books and I really don't care if I lose access to them.
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