Updating Audio Destination Files in Media Library

I am responsible for an annual training. When I update the training each year, I simply copy the previous year's folder and rename it. When I do this, the audio in the Media Library still points to the previous year's folder rather than the new one I created. I have tried to redirect the location of the files to the new destination using the Replace button, but it doesn't make any difference. Is there a better way of handling this?