Let the owners of the intellectual property decide.
I'm sincerely delighted you brought this up. When I buy an album, I buy the materialistic part; but according to the RIAA, I also bought a lifetime 'license' to listen to my album. The materialistic part of the price ($17.95) is neglible, as it is literally around 12-20 cents. Therefore, the bulk of my CD costs is buying the license, right?
I owned over 300 albums, I paid for them myself; thus I owned the license already. Yet, when I wanted to replace the media from vinyl to CD (of which the RIAA insists is cost neglible), I had to re-purchase my 'license' to listen to the same album again.
I did not receive a 'discount' or the opportunity to trade my Album for the CD and only pay the materials cost. No, I had to re-purchase the entire album. Now, multiply my CD collection by 2, for I paid to replace each and every one of my albums. Thus, the owners of the intellectual property defrauded me of over $5,000; and I am hardly unique in this case.