A more likely future is that most content will be new and not controlled by MPAA or RIAA. These legacy content holders will fade from relevance as their content is duplicated beyond their control and, even more importantly, rarely ever accessed.
What do you mean? Comcast/NBC will only let RIAA and MPAA broadcast over their networks? No indies?
Content delivery is controlled by content creating big media IP holders. Obviously they will try to keep competition down, especially new media that understands how the Internet makes information free.
Of course, easy, essentially-free, world-wide distribution will make it harder for RIAA and MPAA to maintain control over the flow of mainstream art.
Viewer-funded (or even mini-investor funded) models could be viable. I'd imagine they could even compete favorably with large production studios if the right structure was found.