Audiophiles would definitely benefit from that much storage. When it comes to lossless audio like FLAC format taking up six times as much storage as MP3 320, having that 1TB would be handy.
I used to be avid lossless music aficionado buying CDs and ripping them at MP3 320kbps (for convenience) and FLAC (for archival), but then Spotify came along and offered high quality streaming. So just like having an iCloud for backing up my photos and videos, having Spotify no longer necessitates carrying a large collection of songs with me.
If buying lossless audio becomes as easy as streaming (marginally inferior quality) songs from Spotify I would reconsider upgrading and storing my music library. For now, the convenience wins over best possible quality.