depends on your moral view. deontologically, if you compare it with stealing, then it's wrong and that's that. generally this is my attitude. it's kind of like a "ring of gyges" case. the chance of getting caught is minimal, and the amount of direct harm is minimum---one copy of the game/movie, just for you---but still it feels wrong. i don't know if stealing is the best analogy though. it's really a unique and technologically embedded phenomenon.
with a consequentialist view though i think that piracy is a force for good in the world because it forces creators to work harder to gain the moral support of their audience. The reasoning of the consumer is "why should I pay for something that I can just get for free?" and it's up to the creator to make something that people want to pay for. so it makes creators work harder to make better products and everyone benefits.
personally, i pay for all of my games. feels like the right thing to do. unless i'm trying to spite a company, then i pirate and seed just for fun because fuck them.
i dont really watch movies but have pirated plenty. it's not really justifiable. when people use the "but they're huge evil corporations who have plenty of money anyway" meme argument they forget to think about the weakest person in the organization---that's who you're stealing from, the intern who worked the lights, or the code monkey that made the cgi grass twitch during that one scene. when you think about stealing from that person rather than from the millionare director/actor/producer, you'll tihnk twice.