Light waves can travel through a vacuum, and do not require a medium. In empty space, the wave does not dissipate (grow smaller) no matter how far it travels, because the wave is not interacting with anything else. This is why light from distant stars can travel through space for billions of light-years and still reach us on earth. However, light can also travel within some materials, like glass and water. In this case, some light is absorbed and lost as heat, just like sound. So, underwater, or in our atmosphere, light will only travel some finite range (which is different depending on the properties of the material it travels through).
There is one more aspect of wave travel to consider, which applies to both sound and light waves. As a wave travels from a source, it propagates outward in all directions. Therefore, it fills a space given approximately by the surface area of a sphere. This area increases by the square of the distance R from the source; since the wave fills up all this space, its intensity decreases by R squared. This effect just means that the light/sound source will appear dimmer if we are farther away from it, since we don't collect all the light it emits. For example, light from a distant star travels outward in a giant sphere. Only one tiny patch of this sphere of light actually hits our eyes, which is why stars don't blind us!