Well just to throw it up for consideration, I think granting exclusive rights to a work for "life + 70 years" for an individual and 120 years for a corporation is rather absurd. If the point of copyright was really to encourage artists/writers to produce content, don't you think 25 years would be sufficient time to capitalize on a work? Although I'd even settle for simply "life". The original copyright terms (in 1790) were 14 years with an option to extend once for 14 more.
The current system is in place so corporate copyright owners can continue to profit off their long-dead artist's creations... ahem Disney. Nothing made since 1923 has entered the public domain.
So yeah, the MPAA/RIAA definitely make bone-headed enforcement decisions, but the underlying system is also broken.
IMO, I think life + 20 is reasonable. To avoid upsetting company's like Disney a fee per work to preserve valuable copyright seems reasonable. I would say 10k / year + 5% of the gross sales would be reasonable. That way you promote new works, but don't need to fight corporations that want copy write to last until the end of time. It's also a good divider between works that people are actually interested in preserving from works that generate little income.
I think "life" is sufficient. With that, someone can capitalize on their work for their entire career. Anything past death simply serves to allow offspring to ride the laurels of their parents.
As for corporations, I'd be open to a pay-as-you-go system like you propose, only I'd make the payment grow at some exponential percentage. Say the first year costs $1 and the fee grows by 25% a year. Adjusted for 3% inflation, the fees would be something like:
Year Fee/yr
1 $1
10 $5.71
25 $104.17
50 $13,169
100 $210 million
150 $3.36 trillion
This would put a natural limit on corporate copyright, due to their willingness to pay. With this system, Disney would pay $5,659,799 this year for the Mickey Mouse copyright (assuming it started at 10 cents in 1928, which is assuming 3% inflation backwards from now). By 2033 this would be a billion dollars a year... by 2064 a trillion. (Again, at 3% inflation, a trillion dollars in 2064 is like $200 billion today).
The current system is in place so corporate copyright owners can continue to profit off their long-dead artist's creations... ahem Disney. Nothing made since 1923 has entered the public domain.
So yeah, the MPAA/RIAA definitely make bone-headed enforcement decisions, but the underlying system is also broken.