MPAA and RIAA are blowing smoke
The one thing MPAA and RIAA are missing is the simple fact that much of the 'pirated' media is pirated because it is free. Odds are that a large percentage, probably close to the 90%, would not download it, if they had to pay for it. I base this estimate on discussing this with my peers and not a formal survey.
I base it one sharing tapes in the 1960s. My friends would duplicate tapes at dollar versus several dollars for the original. When I asked why they did it, they said that it was because the recording was free.
I base it on my children doing the same in the 1980s. With the latter, the RIAA members were producing 'albums' which contained one song worth buying. My children and their peers were combining the hits into single tapes.
Also, people will download 'free' stuff that they think they might use, but in reality probably never use.
Now, are the media producers losing money? Yes, but it is probably at least an order of magnitude lower than they cite and probably two. In part they are losing money because they can no longer sell a single song for $19.95. If someone actually wants it, they pay $0.99.