As it stands, copyright serves little positive social purpose. The overwhelming majority of creators get paid little if anything for their work, and still there is a glut of content. So there should be no fear of the world losing lots of great content if there was no copyright.
Most of the benefit of copyright is reaped by the middle men, who profit off the work when the creatives that made it have long ceased to do so (if they ever did). Abolishing copyright will thus mostly affect these middle men, and have little effect on content creation itself.
Those creatives that still want to get paid in a copyright-free era can find business models that don't rely on copyright, like performances, donations, or kickstarter-like models where one is paid for future work.