Hard to say. It's bringing fast-paced change to every industry that produces digital content (film, video games, music, publishing). It probably means a short- and medium-term reduction in profit growth for these industries (see the ever-crashing CD sales, for instance), followed by a new influx of wealth directed at the people who find out the business models that make sense in the new technological reality (Notch, the creator of Minecraft, being one example).
In the medium-to-long term, I'd say it's a good thing for the global economy. All these industries are incredibly consolidated and are de facto oligopolies, with 3-5 "majors" controlling 95% of the market. Technological disruption will give (/is actually giving) an edge to small, agile companies/individuals. This will mean more competition.
The more interesting question is that of the cultural effects of piracy, and more broadly speaking of the Internet. Practically speaking, it has never been easier to become an artist - and indeed more and more people are producing art every day, probably more than at any point in the history of the world. But at the same time, it means that it's getting even harder to make a living doing whatever art form you practice.