Re: Still might be a tad excessive
No one has said that all acts of piracy are lost sales - though recent research reckons about 10-20% are for major blockbusters etc.
http://www.forbes.com/sites/dongroves/2016/05/10/new-research-debunks-one-myth-piracy-site-blocking-does-not-work/#48008445ee38
The long-tail however, is reckoned to be hardest hit by piracy. IE the non-major media publishers are the least likely to be able to whether a 10-20% drop in revenue.