Peer-to-peer (P2P) networks have revolutionized online content sharing through facilitating direct file exchange between users without the use of go-betweens that are centrally located. Although the technology has diverse legitimate uses, it has also been utilized to facilitate digital piracy. This paper explains the complex influences of P2P networks on digital piracy, following the dynamics of illegal content sharing, the plight of rights holders, and the efficiency of different countermeasures. Through conducting a thorough analysis of case studies and literature, we seek to present a balanced perspective of the impact of P2P networks on digital piracy and the measures taken to counter it.