All available evidence shows piracy boosts legitimate consumption. It makes perfect sense that rising piracy has led to a boom in production, especially since it has also broken up the monopolies and gatekeepers that kept prices artificially high.

The RIAA and the MPAA are those monopoly gatekeepers, so their profits aren't booming. They have been made irrelevant. It's better for consumers, better for artists and worse for the people who hire lobbyists.