BleepingComputer.com: CD DVD Data Recovery

Real-life (not accelerated aging) tests have revealed that some CD-Rs degrade quickly even if stored normally. The quality of a CD-R disc has a large and direct influence on longevity—low quality discs should not be expected to last very long. According to research conducted by J. Perdereau, CD-Rs are expected to have an average life expectancy of 10 years.Branding isn't a reliable guide to quality, because many brands (major as well as no name) do not manufacture their own discs. Instead they are sourced from different manufacturers of varying quality. For best results, the actual manufacturer and material components of each batch of discs should be verified.
An example of a CD-R burned in 2000 showing dye degradation in 2008. Part of the data on it has been lost.

Burned CD-Rs suffer from material degradation, just like most writable media. CD-R media have an internal layer of dye used to store data. In a CD-RW disc, the recording layer is made of an alloy of silver and other metals—indium, antimony, and tellurium. In CD-R media, the dye itself can degrade, causing data to become unreadable.

As well as degradation of the dye, failure of a CD-R can be due to the reflective surface. While silver is less expensive and more widely used, it is more prone to oxidation resulting in a non-reflecting surface. Gold on the other hand, although more expensive and no longer widely used, is an inactive material, so gold-based CD-Rs do not suffer from this problem. - Wiki