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Piracy decreases the cost of discovery and increases the probability that those engaged in it will attend events, buy merchandise etc.
When Netflix was originally expanding out it reportedly looked at the highest active shows on piracy sites to select their material.
https://www.bbc.com/news/technology-24108673
Anecdotally, a friend of mine pirated the Crash Team Racing remake because they loved the original as a child but they were furious about the microtransactions shoved into the remake just after launch. They wanted a couch co op game to play with their roommate and that was already loaded up in their emulator so that's what they played... roommate went on to buy the remake because it's one of the best kart racers on PlayStation. Piracy resulted in a sale they wouldn't have otherwise made.