Let me start with saying that I don't pirate - but I disagree with your conclusions anyway.
Same thing applies to Slashdot. Threads of this exact nature pop up every 2 months or so for the last 10 years -- and the point they're trying to make is still incorrect.
The media owners have every right to choose their business model.
As long as they don't have a monopoly and don't collude to restrict consumer choice or set prices, that is.
Oh, they *do* have monopolies, granted by the government, and *do* collude? Then they've violated their end of the bargain.
The customer has every right to purchase, or not to purchase.
You don't want to spend 10 bucks on Avengers in a regular theater -- the MPAA cannot make you spend those 10 bucks. They can't make you spend 16 bucks to watch it in 3D either. They can't force you to buy the DVD or BluRay. They can't force you to rent it. You have every right to disagree with their terms, and not give them your business. But you don't have the right to obtain their media on terms they did not agree to.
You guys are simply discussing the wrong thing. The profitability of Avengers is 100% immaterial. The producer could choose to sell at 10x the price, or 1/100th (and take a loss). Their media, their choice. You choose to buy or not to buy (which is how you regulate their choice).
Let me rephrase: "You choose to participate or not participate in culture (which is how you regulate their choice.)"
This is a cost that's not reasonable for most people to take; it cuts off their references and ability to communicate.
As part of culture, the media is partially owned collectively by the culture, and partially owned by the people that produced it. This was recognized in the original constitutional basis for US copyright:
To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries.
Piracy is theft no matter how you dress it up.
DRM is theft no matter how you dress it up; theft from the commons.
Piracy is copyright infringement. It is a violation of rights granted by law, like battery is a violation of rights granted by law. But it isn't theft.
Also, I believe most piracy involve no loss to the original rightsholder - most piracy is performed by mass pirates, who would not have the financial capacity to buy more than a very small fraction of whatever they pirate in the first place, and most things they pirate they never get around to looking at, and would not have bought if it had any noticeable cost at all.