It's basically all of those things, but also that a newer technology doesn't necessarily mean the older technology has no use. People still use bicycles even though cars and motorcycles exist. People still read books even though audiobooks and TV shows exist. The number of people doing those things may have gone down, but they have a specific use case and need that the "better" technology doesn't satisfy.

On the other side, there are technologies that get entirely replaced by the successor. because it's just flatly better even in the same scenarios. 8-Tracks being made completely irrelevant by Cassettes, for example.