Would they buy terabytes of music? No, but few people of any income level would. However it should be remembered that once upon a time, college students were a major market for recorded music.

Twenty years ago when I went to college (ugh, that felt weird to type) every dorm room had stacks of CDs in it... maybe an average of a couple hundred dollars worth per head. That music-selling bonanza just doesn't exist today.

I don't really have a strong opinion one way or another about whether this is a good or bad thing.