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I think that, in a world without copyrights, musicians, sure, would no longer be multi-billionaires in as many cases. But to say that the world would be without new music is insane hyperbole. Good musicians would be able to make money by performing live and from selling the first rights to publish their songs (people have, you know, thought about ways to make money without copyright). Think of most local bands. Think of symphony orchestras. Most of the stuff they perform is not copyrighted, but they still are economically viable. Musicians wouldn't be super-rich, most likely, but they'd get by like anyone else. The idea that people need the promise of millions of dollars in front of them to write songs is just silly. People aren't going to stop making good music.
Well, I didn't say that no one will make good music, so I'm not the one with the insane hyperbole. What I said was that it will disincentivize, which it will. What that effect will be, I don't know. And your symphony orchestra example also doesn't work for me. Symphony orchestras perform music, they don't write it. They actually benefit from lack of copyright, because then they don't have to pay for the music they perform. The people hurt by lack of copyright are those who write