It is certainly primarily targeted at torrent sites, and will probably have some effect on them, but it's hard to say how much. People can always use custom DNS servers that don't obey the blacklist rules, which, again, leads to the risk of an alternate route developing. The bill has no provision to declare a given address range to be non-routable, so it does nothing to block access to someone who uses an alternate means of reaching the filesharing site in question.
Popular music is a bit of a different topic, but there are multiple factors involved with that. Excessive duration of copyright, industry groups creating artificial barriers to entry, and so on. Reducing copyright duration to something sane, like 30 or even 60 years, would make it a lot easier for people to sample and create their own music. The Internet is certainly a player, but it's also clear that people will pay for digital content, it just needs to be easy to do so.