This was NEVER true. Video tapes, audio cassettes, CD's and DVD's were license purchases. The labels owned what was on the media. Not the "buyer". The difference now is that digital copies can be identical to the originals. This is what made the studios nervous in the early nineties when cd burners came out. And when DVD ripping software came out the movie studios were sueing the poor Nordic kid who wrote the program.
The studios need to get innovative with thier licensing structure. And start making compelling media while thier at it. I never rip off a great band. But I will never pay for the popcorn garbage that plays on the radio.