On January 23, I'm going to mail four handwritten letters[1]: one to each of my state's senators, one to my district's representative, and one to Barack Obama.
In each letter I'm going to explain that current copyright terms are way longer than necessary for copyright's stated purpose[2], and I'm going to ask for copyright terms to be limited to a maximum of 10 years with no exceptions. Compared to current copyright terms this sounds really short, but think about how long 10 years is---it's maybe still too long. I'm also going to ask that currently active copyright terms all end within 10 years.
If you're a U.S. citizen, I challenge you to do the same (though you can mail fewer people if you want).
By the way, if you're buying stamps, you'll want to buy "forever stamps". You can use them for mailing letters even if the price goes up after you buy them.
[1] http://www.ted.com/talks/omar_ahmad_political_change_with_pen_and_paper.html
[2] "To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries;"
I presume this would show a dramatic drop off which varies by market. It will probably also show that long copyrights only benefit a vanishingly small fraction of content creators.[1]
The problem will be that this data is unavailable to the public or government for most works.
Therefore, the first legislative step needs to be a "Copyright Beneficiary Reporting Act". Any copyright holder which receives more than X ($1000?) in revenue from a work in a calendar year must report the revenue for that work.
We can let that collect data for a few years and then make some informed decisions.
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[1] I think by and large these long term popular sellers, particularly in entertainment, should be thought of as lottery winners. The public, for whatever complicated reasons, fell in love with the work. Entertainment content creators are mostly just throwing things at the wall to see what sticks. It is the public that chooses what is popular. If, as a content creator you hit the lottery and make a ton of money, great! That is what fuels the industry and provides the content, but you should recognize that the public is a huge part of that success and you aren't entitled to win the lottery continuously forever.