But those 400 wouldn't buy a CD. Maybe 40 of them would. People consume a lot more content when it's free/unlimited. Proof of that is the average content consum

But those 400 wouldn't buy a CD. Maybe 40 of them would. People consume a lot more content when it's free/unlimited. Proof of that is the average content consumption on Spotify vs iTunes, and why some artists complain that they make a lot less "per play" from Spotify than they would on iTunes, but they are looking at this in a very wrong way. When people have access to a lot more content for the same price or lower, they will consume a lot more content. That doesn't mean they would be willing to pay for each piece of content as much as they would with the old model.