Is Blu-ray ever going to replace DVD?

I have a PlayStation 4 which takes Blu-ray discs for video games, but these are the only Blue-ray dics I own. And even then I usually buy games in digital. The machine also reads DVD discs and to this day, all the movies I buy are in DVD format.
I personally don’t think Blu-ray looks better enough than DVD to justify how expensive they are, but perhaps my TV, which is HD, isn’t badass enough, I don’t know. Although if anything, Blu-ray movies sure have flamboyant menues.

I’m asking this because although I spoke of steep prices, I have been noticing lately that a lot of Blu-ray movies find themselves with reduction price tags or inside of bargain bins. This may have to do with how much the movies themselves sell, rather than what format they’re on.

Blu-ray is meant to be the next everyday format and it’s been out for a number of years now, yet DVD is still going strong. Will it ever be replaced? Why has it not yet? What is your preferred format?