Exactly how this will work isn't clear, but may be interesting - it wouldn't surprise me if e.g. Sony bought the rights to do this so that they can sell works without having to pay royalties to the artists.
The amount per year isn't actually that big by the standards of companies like Sony, and it might be how they'd handle the problems caused by e.g. "orphaned" movies that nobody has clear rights to - at the moment there are legal snarls that stop releases of a lot of older works.
I'd be very surprised though if it led to wholesale production of really cheap copyright-busting stuff, because that's something big media would have to fight, and they have the money to suppress it one way or another.