It is simple.  Hollywood has to temporarily lower the price of movies/music so that it is easier to pay for content than it is to find the bootleg link and wait for it to download.  If you charged me $1.00 to rent a movie in HD and stream it to my TV, I would pay every time.  But right now they charge $5.00 to rent a movie, and at that price it's more economical for me to pirate it.  Music would have to cost even less than movies, say a nickel per song as opposed to $1.  It's just the harsh reality that producers are not willing to face.

The trick would be that after a year of holding prices freakishly low, they could start slowly raising prices again.  With a song costing a nickel a download, a "cheap" stigma would be tied to downloading illegal content instead of the frugal-hacker association it has today.  If you walked in on a friend downloading a song on Pirate Bay that costs a nickel on iTunes, you would say "Quit being a Jew dude, just get it on iTunes."  Once the pricing is low and everyone gets used to the simplicity and quality of industry endorsed downloading interfaces, it would be difficult to return to the Wild Wild West where people have to search for Australian links and sort through quality.