I agree that piracy is theft, but on the flip side, if you're actively withholding content from my demographic (nationality) that you allow other demographics access to, then you're actively discriminating against me. Digital services here in Australia are particularly peculiar - entertainment generally gets here well after everywhere else (through official channels, that is), yet when it does, it's much more expensive and often of poorer quality.

Is that discrimination the worst thing in the world in the context of entertainment media? No. But then again, neither is the resultant piracy of the media in the first place. Swings and roundabouts, both sides are at fault here; there is no particular moral imbalance in favour of the distributors.