My wife read and recorded the whole Harry Potter series for our eldest, now the second gets to either hear Mom read live, or listen to a recorded chapter everynight before bed.
I've heard you should always read to your kids regardless of their age. They'll only ever read at their level, so even reading a poem or newspaper article or scientific journal to them when they're older increases their reading level.
I read to my daughters all the time, but eventually one of them decided she disliked it (didn't like the pace) and the other is still preferring to listen to audio books while in college. It's an individual thing.
Also I think a lot of parents don't look forward to reading aloud.