I've always gone to the cinema to watch a film I think is going to be good, if I enjoy it that much I'll grab a rip before it's released so I can watch it again before it's released and buy the DVD when it is finally out.
The film and music industry are moving too slowly and can't adapt to new technologies quick enough so others comes along and make a huge profit (itunes, lovefilm, netflix etc etc), it's partially their own fault for not moving quickly enough.
What would the deal be with renting movies? lovefilm for example?
That's done with consent from the industry, otherwise they'd be sued and shutdown by now.
But they are still doing what piracy is doing, but making more money off it?
No, because it's DRM'd and
allowed by the movie industry only because if they don't allow it piracy would be much worse and they (the movie companies) failed to see the value of online rentals and the money to be made there.