You're mis-assigning value here. What is scarce in the case of intellectual property - or in the case of copyright - is the physical copy. Since that's a tangible object, which previously required considerable investment to mass-produce, that's what got restricted to a licensed monopoly. But since making and distributing copies is now trivially easy, there's no reason to restrict them.
What has not been monetized, however, and is the only link in the chain that is not trivially easy to replace by digital means, is the original, physical act of performing the work. Artists have known this for some time: they make very little of their income from CD sales, and most of it from going on tour, and actually playing stuff live.
That event is the only thing that cannot be infinitely replicated, because it's a live event, so that's the only thing in the chain that has any real reason to have value. Everything else was artificial scarcity that has been imposed for the last several centuries until technology caught up. This guy's open letter to unrepentant filesharers makes a huge number of bad assumptions about spending and payment habits (really? Every time I download something free, it's a lost sale that directly impacts a struggling artist?), that just serves as further evidence that most people in the industry haven't realized yet that their entire business model is on borrowed time.