How does PopCorn Time iOS installer work? I am all against piracy and I know that PopCorn Time as a service is illegal but what I am curious about is that they have managed to come out with an app for iOS that lets you install even on non jailbroken devices.

How does that work out?

Popcorn Time For iOS Released, No Jailbreak Required
In Xcode 7 (beta), Apple has released free iOS provisioning profiles for all: https://developer.apple.com/library/prerelease/ios/documentation/DeveloperTools/Conceptual/WhatsNewXcode/Articles/xcode_7_0.html

Which means you can now install arbitrary iOS applications through a computer onto an iOS device without having to purchase a license from Apple, without having it to be approved by Apple, and without needing specific provisioning profiles installed on the device.

I'm guessing they're just using this to their advantage.