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One danger in limiting the term of copyrights is that when a work falls out of copyright its value drops, as a fee no longer must be paid to the copyright holder. Over time it can become increasingly difficult to reap financial rewards from creating a new work, as you have to compete with centuries of masterpieces.
In the TV industry, when old shows became more available, they opted to make lots of cheap reality junk. The music industry has done this for years.
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