Server. Cloud. If it's your personal music it's not going to matter whether you have a cluster of servers or your single VPS with a service running on it. This cloud buzz is like ajax of 5 years ago. Can we use the terms 'online' and 'hosted' rather than this vague cloud buzzwordry? It's a plague upon tech sites and tech marketing.

Thanks for reminding me to set up OwnCloud [1]. :)

[1] http://owncloud.org

>all these major cloud player can just stop their service on their whim

If you are concerned with minimizing monetary loss rather than preserving working copies of your media [1] you can treat that as an argument for choosing a media provider that allows you to pay a monthly fee. If (when) their service gets discontinued you switch to another one; the only problem you would face is migrating your favorites, bookmark, playlists and the like [2].

[1] Which makes sense when the specific things you want to access (watch, listen to, read, play, etc.) are not rare and can be found elsewhere.

[2] Incidentally, this is something you could offer as SaaS. Edit: See http://resp.in/, http://www.getunify.com/, the FOSS project https://github.com/mauimauer/portify, etc.