"[...]just 85,000 views[...]" ???
He's not Britney Spears, he's a guy that's looking for enough name recognition to fill clubs on the road. That's all you need if you don't think you're above working for a living.
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It's the conversion that's worrying - Pirate Bay sees millions of impressions a day. To only convert that into 85,000 low-friction video views is pretty bad. Given these numbers, I don't think TPB advertising is very attractive when weighed against other media - I think the main draw is that it's free.
The conversion is low but you inadvertently stated the reason. They see millions of impressions for people wanting a large assortment of different content. Honestly, most probably go there for TV/Movies/Porn.
It isn't going to see the sort of conversion rates you might see on a site like The Hype Machine where users are there primarily for music discovery.