Piracy:
- free
- watch on any device you want, keep the file(s)
- no advertisements
- content producer does not get your money
- excellent content selection
- no regional restrictions
- not instant (must download first, then watch) - but: easy to automate auto downloads, can watch offline
Streaming:
- not free, but cheap
- extremely limited selection
- requires proprietary software (OK if you are Windows/Mac/Android/iOS user; not acceptable for Linux/BSD user)
- instant, no need to wait for download
- content creator gets paid
- regional restrictions
- other arbitrary restrictions (i.e. can't watch on Hulu Xbox app, can watch on Hulu in browser, wat do?)
- advertisements on some services
- network connection necessary for viewing
Piracy is a better deal for the consumer. If you do not care about the entertainment industry's profits, it is hard to justify paying for something inferior to the free option.
edit, formatting.