This question was raised in the 50's during the boom of space exploration, nuclear power, and their speculation on technology. No. Literature, writing, arts, all of that is going nowhere.
Teaching literature in schools is imperative for vocabulary development, grammar structure, and conversational skills.
Why on earth would you think writing books for outside school would go away? If anything, it's increasing. Think of all the e-readers available. And think of how many goddamn books are on amazon. Think of this huge boom of teen lit that keeps getting turned into movies. This shit is going on because the tweenies are reading the books first.