Are lectures an effective teaching method at universities or should they be phased out?

There seem to be conflicting reports on whether or not lectures are effective. Many claim that lectures are possibly the best way for humans to learn because of our inclination to absorb spontaneous information as opposed to written information. Others claime that lectures are not successful unless both lecturer and lecturee are completely present in the moment. I would agree that much information is lost during lecturing as it is complicated for both student and lecturer to remain completely focused throughout the alloted time period. It is also difficult for a student to transcribe a lecture in its entirety when listening to it in real speed. However, with the increase in technology, lectures can be watched remotely, rewatched, and trancribed to full accuracy. I believe that lectures should not be phased out, especially because of the progression of technology, but I also believe that they should be broken up and used with other teaching methods.