Mass-distribution recorded music has existed for barely more than a century. Are you suggesting that the only music of any value ever created, was created in the last century?

There are even better (as in, economically more efficient) ways of financing culture production with technology. For example, consider a situation where playback devices were (perhaps intermittently) connected to the internet, were able to track audio fingerprints of music they played back, and had a tax on their sale. The proceeds of that tax could be redirected in proportion to the popularity of particular works. You wouldn't have to worry about sharing or lending. Everyone could consume as much as they wanted to, and there would still be the benefits of competition.

But instead, we have anti-free-market approaches that institute monopolies. And companies have massive vested interests in perpetuating those government-granted monopolies. The purpose of copyright is to incentivize the creation of works of art. Extending the copyright term for existing works has no such justification; but that's exactly what corporations were able to convince Congress to do with the Sonny-Bono act.