but my wallet isn't infinite and I listen to way more music then I could ever afford.
In a general economic sense, consumers are tapped. The average consumers have close to zero savings rates, and are spending just about every penny they have. Any increase in spending on media would invariably mean a decrease in spending elsewhere, hence no real economic benefit. I believe strongly there's no economic argument to be had here, and if anything we'll get economic benefits from loosening copyright rules to increase innovation.
Above all else, that needs to be remembered: copyright is about encouraging creativity and innovation, and has nothing to do with ensuring profits. Ensuring creators receive compensation is merely an arbitrary means to an end: encouraging them to be
creators in the first place. Beyond that, copyright is a necessary evil that actually impedes the distribution and enjoyment of existing works.