Yeah, my argument was based in copyright and law, not the morals of it. Currently, Let's Plays exist in a sort of legal grey area, and I do view this as one of the only ways they'll step out of that nebulous status and into something with some solid legal basis and understanding, which I view as a good thing.
Morally, it's more complicated.
I can understand where ATLUS is coming from. They're scared, and I think there is some justification in them being so.
On the whole, I personally think that Let's Plays are good for gaming. They're advertising, and they help build a solid and long lasting community for a game.
But, there is also a danger to them, especially with story heavy games. If you watch a Let's Play of, say, Until Dawn... You've seen 90% of what the game offers. There's really no reason or incentive to buy it for yourself. Yes, you can make a couple different choices, and see what relatively minor things have changed. But, on the whole, you've experienced the game, and might not buy it for yourself.
One of the big reasons why people buy the Persona games is story and characters. If those are all put up online, free to access, and shown to people, ATLUS is scared that those people will go "okay, that was a great story, great characters... But I've seen it, I'll go buy another game".
This is, in my opinion, a perfectly reasonable fear. This is one of the things that copyright law is actually supposed to help with, by controlling the delivery of media, and making sure that the copyright holders don't lose out on potential revenue because people are buying from illegitimate sources.
Does this make ATLUS right for being so overly protective of it? No, no it doesn't.
But it's understandable to me. And it makes me want to work with them, to help them understand our position, to see the other side of things, and hopefully see a more reasonable path going forward.
If we, as gamers, Let's Players, and people who watch Let's Plays can allay those fears, show a bunch of incredibly conservative Japanese businessmen that our activities and interests can help their business, promote it and strengthen it, then we can, eventually, create a mutually beneficial relationship.
I don't think they've taken the right path. I don't think they have the right mindset. But I do understand their position, and I'd like to help them to understand ours.