They are talking about patents here. It has nothing to do with copyright which concerns music and which is perfectly alright.

It certainly does not help that they use the ambiguous term IP that does not really mean anything.

If copyright only lasted a year, you can bet the industry would move to much shorter release cycles and still capture most of the value.

Actually research would move in the direction of things whose value can be captured within a year. The patent system shapes the IP industry as whole.