Just occurred to me: once it'll become too costly to consume, will people just start being creative and make things more? That's a benefit in the long run, I guess.
They've trained the public for generations to not use their imagination and creativity. The withdrawal is probably painful enough to keep them going for a while even past that point.
MPAA and RIAA are freaking out not because of lost revenue, but because consumers are getting more sophisticated. People creating content is the ultimate threat to their business model.
That's why these laws are targeting user-generated content websites.