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Will the Classics Soon Go Out of Print?
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To have read (certain) classics is still a must to be counted as an intellectual. Even better if you can prove it by a battered copy on your shelf! (Which is why you can actually buy custom-made bookshelves with pseudo-read books these days - sad but true, and completely another thing altogether...)
The greatest danger to classics in print is the school system, I believe. It is so often the place where people get taught that classics are books that are difficult, non-rewarding and outright boring because very often they get picked in anything but an age-appropriate fashion.
As for the economic/luxury argument: Why didn't public libraries and public bookcases kill the book market long ago? Both offer access to books for free, and have been long before e-books. Also: When have books been anything but a luxury article?

I don't think the classics as a whole will go out of print anytime soon, but of course, some classics are far more popular and well known than others and more likely to remain in print.
There are voluntary, non-profit organisations that have uploaded 19th century and some early 20th century books into the internet that can be downloaded free. They are books in the public domain. You can even download free, audio versions of many of these books.
Though many might like to read off physical books, can they afford this luxury when eBooks are available for free? Hence, the demand for physical books that are in the public domain will diminish and it may become economically unfeasible for publishers to print these books.
Hence, the big question: will the classics soon go out of print?