I believe that there is a market equilibrium, and that as songs are made cheeper to reflect their new value to consumers, more will buy rather than steal, but it seems like labels are insisting that they should dictate market price without alternative rather than adjust price to demand. I don't mean that they should just lower prices until we get what we want, but I think the direction the music industry is headed is more enforcement of monopoly than prevention of theft.
If there were a way for artists to effectively bypass the system, or for value to consumers to have sway in the market price, this may not be an issue, but it is. In reality, the system means more theft, so artists see less revenue, and I'd imagine that artists would go for an alternative as readily as many consumers. And further, if there were some way to do away with it, there'd likely be far less of a culture of theft, or say, less communally supported resources for it, so artists might conceivably be able make money if they attempted to go sans-label.
Obviously these are just more reasons why the system is broken, but the difference is the availability of a market solution. And if there isn't in fact, a treatment for the disease rather than the symptom, I really only see SOPA as reasonable if it were immediately followed by anti-trust legislation against some big name labels.