The bulk of this article is based on a misconception. The author doesn't seem to realize there is a difference between between Time Warner and Time Warner Cable (which is especially ironic here since Forbes automatically links to their separate NYSE listings). HBO is owned by Time Warner Inc., which severed its ties with Time Warner Cable Inc. years before Game of Thrones ever aired.<p>HBO's reason for staying with cable doesn't seem to have all that much to do with its corporate overlords. It seems to be more closely related to the fact that HBO has evolved symbiotically with cable over many decades, and striking out on its own would require HBO to make use of a lot of muscles it just never needed before (for example, advertising). So until their business model starts actually causing problems, they're OK with being pirated left and right because sticking with the tried and true still makes them money hand over fist.
HBO gets paid by cable companies, not by end user subscribers.<p>Subscription fee's go to the cable providers, who are the ones that are potentially losing out by piracy, though many cable providers are also internet providers, so they do get <i>some</i> money.<p>HBO would be worried if cable companies decided it wasn't worth it to carry HBO, but they know currently HBO is an anchor on many lucrative tv packages, which make cable companies lots of money.
There is no model where Piracy makes sense. There is a cost of piracy (both in setting up and in risk of using). That HBO hasn't found a way to easily capture that value speaks to them not having found the right channels to market.
I'm a little surprised a gray market hasn't emerged where cable companies will rent you a login for HBO Go without stringing cable to your house.