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Its not theft because that content is not being taken, its being copied. Now its being copied "without permission or consent" so that does indeed make it copyright infringement, just not theft.

You can't even consider it theft of a potential sale. If I steal a game off of a shelf or a shipping truck, THAT is theft of a potential sale.

On the other hand, you can only assume that a person would have bought a game were they not willing to pirate it.