The best hope that the media companies have for squashing piracy is not the legal route. Yes, by suing some people or having governments ban some tools, they'll move one step forward. Unfortunately, for them, those who write the programs used for piracy will move five steps forward during this time. Instead, their best hope are services like Netflix. Imagine if the media companies got over their fear of putting stuff online and opened the doors to everything being on Netflix (and a few competing services just to keep one from being too powerful). Even if Netflix had to raise their prices, it would be worth it. Add in the fact that this would be legal (no worrying if you'll get a "we're suing you for piracy" letter) and safe (no worrying if that rip actually contains a virus) and demand for piracy would drop.
Yes, there will always be piracy. Media companies could release DRM-free copies of their movies for a dime each and some pirates would say they'll only buy them if they cost a nickle. Some people rationalize their piracy and will never stop no matter what alternatives are presented to them. Still, those people aren't really potential customers and can be ignored.
Of course, the "Everything On Netflix" scenario isn't likely to happen. Instead, the media companies will double-down on their fear of the Internet, demand massive DRM before even their oldest titles can touch the online world, price their online offerings high to drive people to DVD/Blu-Ray, restrict access based on when the discs are released/where you live, and generally shoot themselves in the foot by driving people to piracy.