Movies, shows, and music are the entertainment industry's products. When you pirate them it cost the companies(and the people that work for said companies) money. If everybody did it they would quit making product. It is totally natural to want something for nothing but that doesn't mean you should have it. Piracy is not a victimless crime, Ya piracy exposes some to stuff that leads to buying down the road but more often it just leads to more piracy. It is also hardly free speech, and I say that as a staunch advocate of free speech. Quit rationalizing the fact that you just want free stuff.
Movie and music downloads on the Internet already are regulated, with copyright laws in existence. If someone were to put up a movie they don't own the rights to on YouTube, for example, YouTube has the ability to remove it (and will) at the copyright holder's request. While this may be frustrating in a culture where we want everything for now and for free, it's important to respect the rights of the people who have paid to produce the content. If no one were to make money on the movies and music they produced, then these industries wouldn't even exist, and we would all lose in the end.
Regulating downloads of music and videos is Internet censorship. Internet censorship causes horrible consequences. This censorship limits freedom, creativity, and knowledge. File sharing is actually good for the music industry and the movie industry. It turns out that file sharing actually helps increase the fan base of these entertainment companies by making the media more accessible to the audience. The end result of file sharing actually increases the amount of sales of the media. The truth is the entertainment industry doesn't suffer because from piracy. In fact, piracy has helped the entertainment industry so much and yet they don't appreciate file sharing/piracy due to being stupid. They don't appreciate file sharing because they are greedy idiots. It's amazing what money can do. If money didn't exist, we wouldn't be having this problem. Greed will be the downfall of the entertainment industries. Also, copyright is not a right, it is a privilege. Learn the difference.
Illegal downloads of music and videos are not something that should ever be regulated under any government institution. The fact is that this sharing of data is completely free speech, no matter how immoral it is. Any regulation that happens will only lead to greater surveillance of any free speech carried out on the internet, which is unacceptable.