Well, there's more to it than that, but it's a highly likely outcome.
Check this website/video for more info:[link]
However, in a nutshell, not only are these new acts funded entirely by corporate greed, they make for a worse, barely usable internet.
Imagine an internet where you have to be careful what you upload. You have to be careful what you send pictures of. You can't draw fan art anymore. You can't perform your favorite song into a camera. You can't go to your favorite fan sites because they've been shut down. Youtube will be GONE. Facebook will have to be retooled entirely, and become much, much less...well, Facebook.
Not only that, it'll become a tool of censorship, and not for subjects deemed "obscene," rather, for people to speak out against injustice, for protests to be organized.
Please, if you don't want sites like Deviantart shut down, go to the link above and send in your info against this. I know you may feel that "Oh, bills like this are unconstitutional anyway, there's no way it'll get passed."
WRONG. There's a LOT of money behind these new laws. And the more money you have, the less that REAL laws, like the Constitution, apply to you.
Bottom line: No more Godzilla fan art.
Go show your support.