I don't agree with piracy=theft.
Because thieving involves stealing something that is owned by someone else.
In this case that someone else loses his property, which is why its harmful.
However in piracy, developers don't lose a "property", only the end user gains it.
Its very different and should not be compared as a similar crime.
Yes, piracy is bad, no doubt, but the effect it has on industry is very minimal and developers know this. Only people who can't afford buying new games or don't have the intention of buying it, pirate it.
They would almost never buy it if they couldn't pirate it.