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You are forgetting things like brand damage. For example, lets say a site steals 30 of your watermarked videos and displays them alongside CP, Sim-rape or worse videos from other sources. Most viewers wrongly assume you gave permission to that site, condone the other content or may even have produced it. The damages caused by theft go much deeper than a loss based on per download numbers. Companies like PV, Hustler, Playboy etc spend decades and millions on brand management. Theft quickly erodes the value of that time, effort and expense.
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