The very purpose of the Library is counter to the media industries'. Libraries reduce the number of copies of a piece of media that need to be bought for a collection of people to al enjoy that media, and the media industries' purpose is to make money through the sales of copies of media. But up until now, there has been struck a delicate balance, the consumption of media is apt to whet the appetite for the consumption of media. Libraries are not as fickle in their purchasing as consumers can be, and large number of libraries provide a healthy base line for consumption, that makes publishing less of a risk. Libraries also frequently buy more durable (and expensive) hard back editions of books. Plus, if something IS really popular the library will never buy enough copies to slake the demand so individuals will buy copies of their own. Plus the physical overhead of moving around physical media limits a libraries ability to fulfill media demand.
But that balance is coming to an end. Netflix started the revolution by demonstrating that with small enough physical media you can get away with a lot fewer libraries (distribution centers), at the cost of some latency, between selection and enjoyment. But when you have a connected world and digital media, why do you need more then one library. And that library would of course be hyper efficient so one "copy" of a movie could be watched several times in the same day, so it would be easier for a library to meet everyone's demand for popular media, and the number of copies of less desired works that the library would have to buy would be minimal.
How do you get around the fact that a single digital library could replace all other media consumption outlets? Right now most libraries pay consumer or near consumer prices for media, and library equivalents like rental stores paid premiums, but usually got some premium like early access in return. If you try to not sell to the library, or charge it so much per copy that it has to charge exorbitant memberships, then individuals will just go about replacing it with consumer copies of media, or you'll create have-nots that will replace your media industries with ones of their own, that will eventually repeat the cycle.
When you look at the realism that it does take money to produce media, and that someone who is wildly successful at their career should be able to make enough at it to live off of for their whole adult lives, then we can't allow the eventual inevitable collapse of the library concept into a single global digital library.
The media industries of course being single minded, push for the two obvious solutions to the problem. Unsharable media, and a blanket tax on everyone to support the production of the media that everyone is consuming. The real problem here is that both of those solutions remove market factors from media. The benefit low quality media should be able to reap should be limited, but a blanket tax, would probably be blind to this, and with unsharable media you don't have used copies of the media coming onto the market quickly and undercutting the initial high price of media that's not worth it.
So how do you balance the values of fair compensation for work, sharing, fair pricing, and ownership? You start by enumerating those values, and realizing that while your interests may not immediately be best served immediately by embracing them all that in the long term you have to consider every one that is part of the media ecosystem and value them too. The other thing that you have to do is look for the technologies that have been disruptive to help solve the problem. Some ideas include distributed patronage where lots of people pay a little upfront to fund something so that it doesn't have to make money on the tail end, which with the internet actually starts to become feasible. Using technology to improve media consumption, helping people fill the portions of their life that are ripe to be filled with media consumption but have been too awkward, help people find new media better [personally i'm tired of having stuff recommended to me because I like one things I'd prefer recommendations based on the whole picture of who I am]. I think you also have to recognize the problem now and scale back some of the media industries' excesses, the more out of whack the compensation of the people at the top is with reality, the faster we move towards the breaking point, and conversely consumers need to do more to value the media they consume so that the media companies feel less defensive.
Of course there are other factors in play in all of this, that deserve posts of their own. If this was a simple topic it wouldn't merit all this discussion.