If the majority would vote to abolish or diminsh protection of "intellectual property", there would be less money to produce profits and content.
Maybe we'll see less content, maybe we'll see less lobbying and laws being bought by the content industry, or less absurd amounts of money going into the pockets of a few.
I think humanity will find new ways of producing content for entertainment, it is not a law of nature that only monopolies and obscene amounts of profit can generate content that people want to watch.
Lets try and see what happens. Noone will die of hunger if there would be less entertainment available.
There is no reaons to be afraid of less profits for the content industry.