In the US, legally, the answer was no when the question actually did need to be decided. The case was Dowling v. United States[1] and was a question of whether a man who was transporting bootleg records in his car could be convicted of a “transportation of stolen property” type offense. But to show how confusing the issue is, many lower courts affirmed the conviction before the Supreme Court reversed, saying that copyright infringement does not easily equate to theft as it is generally understood. (His conviction for copyright infringement was not challenged, and of course would have been upheld as valid if it had been.)
It’s easy to see why. When one thinks of “theft”, one imagines something being, well, stolen. If you drive away in my car, or cut my bike chain and take my bike, I don’t have those things any more. If you built a bike exactly like mine down to the smallest detail, it would sound pretty strange for me to say you “stole” my bike. I still have it, you just now have one too. Even if you had a machine that could spit out thousands of copies of my bike in minutes, it would still sound pretty funny for me to say you were “stealing” it.
That’s why I see the term “intellectual property” as a very poor way of describing it. Even the US Constitution makes a distinction. For property, the Fifth Amendment is very clear that people cannot be deprived of their property by the government without due process and just compensation. But the amendment authorizing copyright specifies that it must be “for limited times”. So in contrast to property, laws on copyright not only may, but actually must, revoke the rights at some point, where on property those rights must not be revoked without due process and fair compensation.
Now, of course, the fact that copyright infringement isn’t theft doesn’t necessarily mean it shouldn’t be prohibited. Many acts (e.g., murder, rape, assault, DUI) are not theft, and yet are quite rightly still prohibited under the law.
To me, the best, though still imperfect, analogy is trespass. If someone sleeps on my front lawn, they are not “stealing” my lawn. Short of bringing in a backhoe, they cannot steal my lawn, just like I cannot steal “Stairway to Heaven”. But they are interfering with my rights to use and enjoy it and to control who has access to it. Trespass is not theft, but that doesn’t mean it isn’t or shouldn’t be illegal.
At the end of it, copyright infringement is copyright infringement. Aside from an edge case like Dowling, where it’s actually necessary to decide the issue, I just don’t see any need to call it anything else. It’s copyright infringement. That’s already against the law. In 99.9% of cases, arguing over whether it’s “theft” just doesn’t matter.
I think, though, that it is counterproductive in one way, the “You wouldn’t steal a purse…” type stuff. Most people look at that and say “Well…yeah, I wouldn’t, but I’d damn sure make a copy of a beautiful one if I could! The original owner would still have theirs, I’d have one too, no harm done!”. Focusing on the harms of infringement, in and of itself, is probably a much more productive strategy than the use of an ill-fitting analogy that’s often easily dismissed.
Footnotes
I love the varying answers with this question! It’s usually a good indication that you should seek legal advice from an attorney when numerous people disagree online because it’s hard to determine who is truly a legal expert on here. Anyways, I’ll jump on board with those that believe copyright infringement is theft in the practical sense. Yes one can make the argument that you cannot “steal” something that is intangible (as well as the civil vs criminal argument), but nowadays most valuable possessions are indeed intangible. Although I would submit that “infringing” is the most proper term - let's call a square a square right? Here are some other points to strengthen my argument:
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