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Ordinarily, technology makes it cheaper to produce a good, allowing new producers to come on the market and undercut the entrenched companies. If we were talking about new media companies producing movies people want to watch for much lower prices using new technology, then that narrative would be applicable. But it's wholly inapplicable here, where the only thing the technology is enabling is entities like Megaupload to rip off the work of the actual producers. It's disingenuous to play the "technology reduces costs" card in this circumstance.

I'm sure they're not happy about 'less profits', but it seems fair that what little money there is at least goes to the people who did the work to create the content, which was not happening in this case.

Just replace "less profit" with "snaller unitary profit". It's not even rare that the low profit options create markets that are hudreds of times larger than the original, increasing the total profits by orders of magnitude.