You're stealing content. Whatever circumstances may surround it, it is stealing.
Meh, there is a a real distinction. There's clearly not a 1 to 1 correlation between obtaining a copy of something without permission and removing a physical item from an inventory. In one case, the item needs to be replaced, there are real adverse opportunity costs, frequently, to doing this, there is an intrinsic cost to produce the item, etc. In the other case, the only "loss" is the potential loss of revenue represented by what the infringer may or may not have paid to obtain a legitimate copy. We could argue about that that loss is relative to the other case, but it's prima facie not the case that everyone who downloads media would have otherwise paid (either outright or through advertising or whatever) to do so. Assuming that relates to the same situation with physical theft, it's clearly something less than "theft".
This is probably why it's legally defined completely distinctly.
So, yes, something, but not theft. Battery isn't attempted murder, etc.
To make a long story short, I don't take any responsibility for anything I post here. It's not news, it's not truth, it's not serious. It's parody. It's satire. It's bitter. It's angsty. Your mother's a whore. You like to jack off dogs. That's right, you heard me. You like to grab that dog by the bone and rub it like a ski pole. Your dad? Gay. Your priest? Straight. @#%^ off and let me post. It's not true, it's all in good fun. Now go away.