There's no reason that The Cloud and Owning Your Files has to be a binary choice. The Cloud can be a great compliment to your local file storage, rather than a replacement for it.
Another example: store your music in Dropbox, which clones it to all your devices (where applicable), and then use Tunebox (https://itunes.apple.com/us/app/tunebox-dropbox-music-player...) as your frontend. Now you have a 'cloud' music service where you control the content, someone else handles the distribution, and everything is cloned locally on all your machines (for your other players to use). Then you can trivially back up your music files from Dropbox to a local backup (or a third-party backup service if all you want is some form of company-independent redundancy.