It should exist, but be far shorter. The original copyright law in the US was for 14 years, and I’d say that’s about right. We can argue about the exact length, but that’s a good starting point. In the modern age, that’s ample time to profit off of a work, and apparently it was back then, too.

If your movie, for example, hasn’t made you any money in the first fourteen years, it’s not going to make you anything. The vast majority of people aren’t going to see a new movie come out and think “Cool, I’m going to wait fourteen years and watch it for free.” A few might, but not a significant amount.

So the downside, lost revenue for creators (or more realistically, the companies employing the creators) is minimal. The upside? Huge amounts of content becomes available for use. From an economic perspective, this will boost productivity far beyond the lost revenue, leading to a net gain. Those clinging to immortal copyrights will hurt, but the economy on the whole will benefit.

There’s also the moral argument. Free Mickey, man!