Yes, but it's basically about the increases in storage density that nano-scale topologies can support.
applies to all datatypes, not just audio.
We're already at the point where I can almost store my entire 1,300 CD collection uncompressed, on a single 3.5" drive.
Terabyte 2.5 drives are two years or less away, at which point, a portable music device can carry a thousand album collection in lossless full rez.