At this point, I just use streaming services. I have a smaller ~6GB music collection on my PC that I use for games that allow custom radio stations like GTA V. I listen to a lot of music that is available primarily or exclusively online though, so it's a lot easier than maintaining a local collection of music and syncing it between my various devices.

Then again, my music collection isn't that large to begin with. It's currently 1024 songs, but that goes up every now and then. 

All of the stuff that is locally stored is 192kbps MP3, and I stream using Spotify with High Quality enabled.

I have numerous discographies and a lot of different tracks I have. A lot of it is either FLAC or 320kbps MP3. 

I remember my first day of music collecting as well: