> the content can’t both be worthless and worth pirating at the same time.
More commonly, at least in Australia which at various times has had record level piracy, content can be worth _something_ and also not worth "that much" and hence worth pirating.
This has been seen with games - once charged in Australia significantly more than in Europe or the US. Game piracy was rife and didn't really drop in volume until Australian game prices fell more in line with elsewhere.
With the coming of Netflix TV and movie piracy dropped a lot - as prices rose and sheer number of providers rose making it impossible to see whatever caught your eye all on the one source subscription, piracy volume in AU increased again.
This boils down to "We'll pay for stuff .. but only so far".