the list of most pirated media usually overlaps with the list of most profitable media, if that argument of substracting money were true, in the case all those heavily pirated franchises would mean they are hemorrhaging money and yet profit margin record keep being broken yearly in the entertainment industry, the games keep getting pirated and yet they still profit so much that they can put out 20 more shitty sequels like with Assasins Creed.
Companies have been making the argument that piracy subtracts money but after decades already of online piracy theres yet to be definite proof that piracy considerably affect profit margins. Its not so much as the industry suffering from piracy but shareholders thinking (erroneously) that they'll squeeze a few extra bucks if piracy would just go away.
Many artists have put it to the test already, like when trent reznor and Louie CK delivered content on a "pay what you will" model, lots of people got it for free and yet their profit margins were not affected, in fact those particular products sold more than usual even when people had the ability to just not pay. Many artists create online content that is delivered for free and people still support their patreons, kickstarters, gofundme, etc and make it worth their time, something that was extremely rare before the internet. Those who are able and willing to pay will do so whether pirating exist or not, those who pirate usually are the same that would not be able or willing to pay anyways, everyone's wallet stays the same regardless.
Piracy did lead to innovation, it led to changing of models in how content is sold online and now there are services like Spotify, Crunchyroll and Netflix that appeared in response to napster and pirate streaming sites. Those reduced the appeal for piracy for a lot of people and all the companies had to do was follow the trends and appeal to the consumer habits rather than guilt trip people while refusing to adapt to demands. I haven't downloaded a single pirate song in years because i know spotify exists, with the exception of tool before they finally decided to join the platform so now i can listen tool on spotify.
Its also kind of a fallacy that more money=better product just look at Disney Star wars or basically the entire hollywood output last few years.
People who pirate some shit online are not revolutionaries hurting da system or killing capitalism, people who take that stance are as dumb as corporations using piracy as a scapegoat or a cartoon villain for when they want to justify their fuck ups or pull some shitty scheme like microtransactions for extra dough without offering extra quality.