Short answer... Nah not really, think of the last legit CD you've purchased from your FAVORITE artist. You notice that Sony, Warner, and a bunch of the "majors" are still releasing their top-charting artist's latest projects on CD, why?

Never mind that the CD is the last thing you need to focus on if you're an artist looking to get new customers, instead turn your attention to the packaging.
Printing QR codes on the packaging that gives access to EXCLUSIVE content is a great way to get fans to purchase a CD without needing the CD itself. We direct our efforts towards making
the packaging itself a must-have as the actual scannable ticket to get into your next show. Customers can get access to your exclusive streams, follow a private Instagram account that you set up for select fans, or any other abstract idea your creative conscious can conjure up.
The CD itself is still valuable to you for offering the highest quality audio you can provide to the public.
Don't forget people still carry business cards for a reason. The physical representation of your brand is more important than ever now that most of the world's music consumption is digital, memory is still deeply tied to touch, and having an actual count of your sales will make it easier to budget out future releases.
All of the above can be applied to the purchase of vinyl, USBs, or even cassettes (I see you over there hipsters) but with CDs being so affordable, easy to transport, and the ability to add packaging with exclusive content, buying a physical copy of your release makes sense to both you and your fans.
So why are the "majors" still selling CDs? Take a look at the stats below and you'll know why.

As you see CDs have been a profitable form of music distribution since the '80s, for the most part, no one knows what physical distribution looks like without their doughnut-shaped
friends. CD packages still offer the independent artist the chance to bring more revenue from each sale, and unlike digital sales won't leave you counting pennies on payday.