There's a Lot Of Rent Seeking in the 1%

My only problem with Brad Plumer's piece on whether online piracy is really hurting the industry is this word:

earning record profits overseas

Let's call it what it is: "rents", not profits. Let us not forget that a government granted monopoly should be balanced with the actual capital cost of creating and distributing the product. Technical advances have made content far cheaper to produce, and practically free to distribute, yet consumers do not see the benefits as copyrights have become more restrictive rather than the other way around. I do not condone piracy, but it is probably responsible for all recent legal innovations in distribution.