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what it means to own movies and TV in the age of streaming services

Nothing. You don't own them. Anything else is just an elaborate lie to make you feel like you are not paying for virtual goods with no guaranties for any longevity.

They are ethereal and can disappear any second.

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The terms and conditions of any of these purchases explicitly say you aren't buying a product, you just get a license to use it that can be revoked for any reason.

It's true for anything with DRM software

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