There is an argument that there wouldn't necessarily be that much less content online. If your options are either deliver DRM free content or leave money on the table from the gigantic streaming media boom then it's hard for companies to ignore potential profits.

The problem with DRM is that it gave them a way to have their cake and eat it too, at the expense of the general public. Every time you have to use a shitty half baked interface to select your movie/TV show (I'm looking at you, Netflix and Amazon) you can thank DRM.