It depends on the type of media. Concerning print media...
This "unwaivable right" has been tried in Spain and it's a clusterfuck. Google News has pulled out. Bing has carried on but I think that's due to their misinterpretation of the law which only starts to charge in a few months from now, but retroactively since the beginning of the year. Both have bandwidth bills to provide the service, neither have adverts, and both drive traffic to the newspaper sites. There was absolutely no way that newspaper sites were losing, indeed they were gaining from the previous arrangement. Meanwhile there's still confusion over if blogs, bookmark sites, Twitter, Facebook, etc... also have to follow this law or not.
In Germany where fees could be waived, Google said they would not pay to drive traffic to newspaper sites. Traffic plummeted during the period that Google did not link to newspaper sites that insisted on collecting fees and rose again when those sites waved their fees and Google linked to them once more.
If they do the same at European level in all probability Google's response will be the same, stop linking to snippets of text on newspaper sites.
As for music, TV, and film, unwaivable rights are often used by rights organisations as a way of charging for content that the original authors wanted to make freely available yet as the author is not a member of the rights organisation then the rights organisation just pockets the money.
There is a place for charging for music, TV, and film on YouTube but there also has to be a place for not charging for it if the author doesn't want to charge for it, for a direct relationship between YouTube and the author (advertising split) without the rights organisation getting in the way, and there also has to be a place for "fair use" snippets music and video.
In the end it's all about how the author wants to be remunerated (if at all) and rights organisations need to compete to have the author as their member, not just get fat expecting YouTube et all to provide them with a cheque every month.