Within a capitalistic market, "piracy" does not exist. It cannot exist. Or, rather, the ethics behind whether it is right or wrong to pirate do not exist. Therefore, if there is no ethical problem, there is no real problem.
And let me explain why.
If you live in a "free" market economy like the US (where I live) we are taught from a very early age that our role as a consumer is to obtain the best quality product at the cheapest price. You've seen the videos for Black Friday mania where people trample others to get the cheapest price TV or BluRay players.
What would happen if a store opened up and offered TVs and BluRay players for free? They would sell out.
Most us get our products from producers (stores or wholesalers). We don't steal from the shelves, but we do compare various producers to see which is cheaper. If a store offers something for free, but across the street it is being sold for a given amount, where would people go?
So onto "piracy." The reason why most people download music, movies, games is simply because they are offered at the lowest price "free." We compare all available options and see that free is the best available option.
Now, this is where the producers must get clever. For example, most 21st century digital business models take into account "piracy." If they didn't they would not be running a realistic business model, and they might as well be run by monkeys. If piracy truly hurt the entertainment media, you would see one of two things happen:
The prices would go way up to cover the cost lost to piracy.
The prices would go way down compete with piracy.
Where do you see this happening? Music, kinda. Digital music started offering downloads at so cheap that people didn't really see the "savings" in getting it free from a sketchy source (however, I do think the music industry could make a larger profit if they made sold each song for even cheaper).
Do you see it happening in movies? No.
Do you see it happening in games? No.
What conclusion do you draw? That in these industries, piracy is not hurting them, or is not hurting them as badly as they claim. If it was, they would do what music has done.
In fact, most media turn huge profits. They wildly overprice their products to maximize their profits on multiple levels. You could even argue that the same ethical scrutiny that you apply to pirates could be applied to the producers for overpricing their games.
Now, what do you think of that?