Cloud companies make a fortune. They are in an incredible industry. The cost of storage keeps decreasing while they charge the same rate (or even increase it).
There is the threat of security since centralized servers can get hacked. This happens on a regular occurrence.
Here is a video that discusses how blockchain will alter this.
Be forewarned, some off color language.
https://bittube.tv/post/7c5beccb-b4b0-4186-a003-caa009b88cb8