Even if (hypothetically) the industry got a lockdown on all TVs and recording devices so the only devices that could display or record video had to obey the industries rules, you would STILL have the "analog hole."
It's technically possible (but not cheap) to make a sensor as big as a TV that has enough resolution to record every TV pixel faster than the pixel is changing.
Add a little computing power to take care of "bleed over" from neighboring pixels and a well-endowed copy-shop could make a full-resolution copy of anything that can be displayed on their TV or monitor.
Once a copy of a high-demand film is made and distributed to more than a few customers, it will leak to the free-as-in-beer (read: no more revenue for the pirates who funded the initial copying) places on the intertubes.
The best way for the industry to deter that level of well-funded piracy is to make everything available for home viewing worldwide at the same time, and in all formats that consumers want at the same time, and at a price that consumers can reasonably afford. Some publishers are already doing this. Doing this will dry up the piracy market for those who can't get titles in the formats they want when they want it.
Yes, there will still be piracy by those too cheap to pay reasonable prices for content, and there will be piracy by those who have copies of stuff just for the sake of having copies of stuff but probably won't ever watch it, but those groups aren't the ones that would be buying the videos on the open market in the first place, so the industry won't be losing much revenue.