Is the question what is light? or what is electromagnetic radiation?
I would define light to specifically be that part of the electromagnetic spectrum which is detected by the eye. You then have to ask what is an eye. Here things start to fall apart as some animals can detect electromagnetic radiation at different parts of the spectrum.
Starting again, light is the detection of electromagnetic radiation by a living thing.
But I think you really wanted to know about the nature of electromagnetic radiation and if it is a particle (photon) or a wave.
I have not read anything that tries to define it more that this other than to say it exhibits the properties of both. Maybe if we worked out what it really was we would know more about gravity.
I will stick to just light as its easier to type.
You would think that with all the stars generating so much light that the universe should be getting brighter. But expansion spread it out so we don't see that.
Light is energy so yes it lasts forever unless it hits something in which case the engery is transferred to that object and the 'light' no longer exists.
I think I am wafling now.
Michael.