One can argue that it represents an economic loss insofar as the person who stole it isn't going to buy a copy now, but a response you often hear to that is relatively few who pirate content would have paid for the content if piracy were unavailable.
Is this the right thing to do? Is this something you should be doing? Is this something you feel you have the right to do?
Remember that I didn't mention anything about economic loss.
Whether or not I believe it's the right thing to do seems like it'd depend on how much respect I have for copyright law, and whether any harm it causes is sufficiently abhorrent to me according to my personal ethics.
The economic argument is part of assessing the harm it causes.
Oh, you mean you're trying to say unauthorized copying is unethical? Oh, darn it, scratch that. Sorry!
People have said it better than me, but in short: Disney and friends have legally stolen public domain from all of us and erected a barrier between us and our human right to access to our culture. I therefore consider it my moral right to take back what should be mine - I may not have the means to buy the laws that would make it legal, but I have the technical means to do it and therefore I do.
So yes, I consider it the right thing to do. Civil disobedience, if you will.
I don't really consume TV or movies.
I do listen to music, and lots of it. I have a YouTube Red subscription (or whatever Google has decided to rename it this week), mostly for supporting small creators on Youtube (when they don't have a Patreon / I don't watch enough of their stuff to fit them in on Patreon). So basically all music from major labels I listen to, I do through Youtube (or Youtube Music, when I remember to open the right app up). But that's a small fraction of my listening habits.
Mostly I like stuff from small, independent artists - a lot of which I've discovered through Youtube, and a lot of those Youtube videos were probably copyright infringement (unauthorized uploads). If I listen to something more than a few times, I buy it on Bandcamp- last month I spent over $100 on Bandcamp purchases.
For creators I really love, as mentioned earlier, I fund them directly on Patreon. This adds up to over another $100/month.
If I dropped the YouTube Red subscription - which is, due to their comically low revenue share, practically indistinguishable from piracy for artists in economic terms - I don't think I'd be in a meaningfully different position, ethically, if I chose to continue consuming music from major labels without a license.
On the other hand, if I stopped buying things on Bandcamp and instead listened to music from small artists through YouTube Red, I'd feel awful, and I'd consider that to be rather unethical, even though I'd have a license.
Scenario A) 5000 people paid and enjoyed it
Scenario B) 4500 people paid and enjoyed it 50000 people enjoyed it without paying.
We can pretend that the percentage lost is equally taken from all people that participated in the production but it beggars belief to imagine bobby the grip got paid less because you pirated Indiana Jones. The reality is that the funds earned from the creative efforts aren't divided like friends sharing a Pizza gains and losses overwhelmingly hit the pockets of those whose interests in the matter are directorial or financial.
Ultimately creative work already enjoy such a ridiculously slanted treatment with insane punishments, public resources invested in policing, and terms that perfect enforcement would yield such a very small increase in utility for companies focused on creative work and much less for those actually engaged in it that it isn't worth the decrease in utility gained by more free distribution of creative works.
Fuck fairness if it results in a net negative utility for society I'm not interested in promoting a schoolyard notion of fairness at the expense of society.
Some philosophers (like Max Stirner) would argue that not only are those questions irrelevant, but that their whole basis (morality and right) are categories which become real and exert their influence only due to our own reification of them. That is to say, to someone unconvinced of morality (and in particular what other people say about morality), and further unconvinced by the legitimacy of the state and its opposition to the individual, the questions would be laughable if only it weren't so tragic that to many they extert their control over us and we let them.
Like, people can argue if it's as bad as theft or not as bad than theft (I would definitely argue that it's substantially less bad than theft, but I know that some people would disagree), but no matter what, such an action is not theft, it's something else.
Replace "movie theater" with Disneyland. Is it not theft to sneak into Disneyland without purchasing a ticket, even on its slowest day of the year?
But that's totally irrelevant to this conversation. If the theater is charging $5, or $2, you still can't just sneak in the back door without paying.