This is just another indication that video media is in need of a new medium. There is a need something like Steam or Spotify, but for TV Shows and movies. Netflix, Hulu, Crackle, etc. are all lacking in terms of the videos they offer and there's nothing to fill the void unless you want to go into the realm of physical media (and let's be honest, you don't). Torrents are easy, but managing a collection and getting good quality videos is still a pain.
I'm in college now and I started torrenting music in the 8th grade - iTunes came and I realized that I would have had to spend thousands of dollars to get the collection I wanted - so I continued to torrent music. I would have missed out on a lot of music if I relied on iTunes (and be out $100k or so) but once I found Spotify and realized that I would no longer have to edit all the ID3 tags, find album work, and deal with poor audio quality for $5 a month, I instantly switched and haven't looked back (except for music they lack like The Beatles, AC/DC, and Def Leppard which I still torrent, oops).
Game of Thrones recently broke a torrent record [1] and the CEO of HBO basically said they appreciate the publicity and thank their fans. IMO money is not as big of an issue for video as it is for music because the networks and actors aren't suffering the way musicians do (this is just my opinion based on observation). Yeah, Spotify has been called out for not compensating artists properly [2] but I think it's a step in the right direction in terms of service.
I like the idea of something like Popcorn Time but I think it's just a wake-up call that there is a need for innovation in the realm of video media. The music and gaming industries have seen a shift in recent years, so maybe movies and tv shows are not far behind...
[1] http://time.com/63331/game-of-thrones-torrent-record/ [2] http://www.businessinsider.com/thom-yorke-explains-why-he-ha...