I like this system but it will make the rich richer. Disney will never have a problem paying the $100k or even $10M from something that is generating revenue. But the heirs of a mildly successful author won’t be able to, leaving those works to be harvested for free by Disney et al.

The current system, for all its faults, gives rich and poor the same benefits.

Keeping The Fellowship of the Ring by JRR Tolkien (published 1954) would have forced the Tolkien estate to pay $100k in 1982 on minimal revenues. Then $10M in 1996 in the hope that they would recoup it in a future film licensing agreement. Except no one would pay $10M+ to license it when they could just wait until 2010 to pay $0 and make it without any conditions being stipulated by the Tolkien estate.

So the Tolkien Estate would have let copyright lapse in 1996 and the eventual adaption would have grossed $900 million, of which they’d have seen $0. Followed by 2 more adaptations that grossed $1 billion each.

Edit: downvote if you want, but nothing I’ve said is inaccurate or incorrect.