Earlier quoted context omitted.
The point I was more making is how do you handle successful things that are long term viable. Such as Mickey Mouse, Sherlock Holmes, etc. Though, yes, it's overstated the impact. The 1976 act was more impactful than the Sonny Bono Act. Everything having a lifetime copyright has it's own problems, but cutting everything to 20 years creates it own.
I'm really not sure it's much of a problem. Sherlock Holmes is in the public domain, and as far as I know, it's been fine. That might be why there have been so many movies and shows based on the character recently. Imagine it's 2024 and the original Mickey Mouse cartoon just entered the public domain. How does this impact Disney? -Anyone could watch Steamboat Willie for free (assuming it's online somewhere). I don't…
Couple of other issues.
"Small studios and independent artists could use the original Mickey character"
"Other manufacturers could make Mickey Mouse merchandise. This is probably the biggest direct harm to Disney, but I don't think it'll make much impact on their revenue."
The reason you've seen them make Steamboat Willie LEGO and the current "old-style" Mickey Mouse cartoons is because they're setting up a copyright argument if someone tried. They're also setting up the same arguments that Sherlock Holmes uses which is that the elements of Mickey in Steamboat Willie have been used recently and are thus still locked up by copyright. You can distribute Steamboat Willie, but can not otherwise use the property. The Sherlock Holmes case is here: https://scholar.google.com/scholar_case?case=163248743572192...
"Which is exactly what copyright was supposed to encourage."
No, copyright is an exclusive distribution right. It's a government granted monopoly to provide protection to creative works. The history of copyright is pretty interesting in an of itself and starts with the printing press in the 1500s. Long story short, though, it's always been about commercial exploitation of a creative work.
This was edited to correct some info.