It's already here. The 2-channel 'home stereo' industry is all but dead except for the "high end" dinosaurs (like us). The incumbent high-end brands have huge incentives not to undercut the decades of advertising they've already invested in, but the writing is on the wall.
Home Theater and whole-home audio is where the industry is making money, and they've been selling the fancy tech like hotcakes, even if they don't advertise it that way.
@MikeO nailed it with Sonos (all those Alexa speakers are the same tech). Just last week at the local hi-fi shop, I heard a $500 Sonos that sounded more satisfying than $5K Totem floorstanders. Admittedly, the Sonos sounded like it was playing clever tricks with speaker phasing to do that "huge" thing, but 99% of customers just want room-filling music, not holographic soundstaging and microdynamics. Sonos does that very well.