Of real concern is the music of lesser artists that sits on HMV shelves as these stores are closing.
HMV's main problem was overpricing which, granted, is a feature of having a high street presence in competition with online retailers such as Amazon and Play who can seriously undercut you... but a trip to HMV, assuming the item(s) you require is/are available, means you've got them without a waiting period (and without delivery charges, if applicable - if you're walking to HMV, it's free). Still, I did feel that HMV more than priced themselves out of the market; their online store is cheaper and in some cases noticably so... and they're more expensive online than their competitors. Amusingly, HMV are selling some BluRays at five for £30, and some DVD prices have dropped since administration, but music is still at its previous level. The other main problem HMV seems to have is never having what you went in for; I know if something's there and a little more expensive than online, there's a higher chance of me buying it from HMV. In my case though, my other half goes to Topshop and River Island, and the next shop along is HMV, so we pop in there regularly.
People will still want physical media. There's something about having a tangible connection to what you're enjoying. Books haven't died out and they're as tangible as you can get.
If you do live near HMV, then if they sort their pricing out, it could still be of use. Some of the closures have left large areas without a store, so perhaps HMV is more doomed than we thought, and after Zavvi's death four years back, perhaps this truly is the end of the high street music retailer.
One thing the high street could do with in its place is a pickup point (not just for HMV - other distributors could join the venture) so if you were to order something online, it could be sent there along as part of the daily batches (thus reducing delivery costs to the customer) and you could just pick it up without fear of paying through the nose or the item not being in store when you get there.