Since I don't see it mentioned yet in the comments:

In 2011, movie studios created a digital ownership service called Ultraviolet. You could own titles in your "UltraViolet Digital Rights Locker" and access them from multiple devices via third-party streaming services. [1]

"The UltraViolet Digital Rights Locker will keep track of all of the consumers’ UltraViolet digital purchases, whether they bought a movie or television show on Blu-ray disc or digital download. UltraViolet does not store the actual content. When a consumer logs in, UltraViolet will verify that the consumer has purchased a film, and will then allow the consumer to stream or download their movies from a participating UltraViolet service." [2]

This was an attempt to separate the technology of streaming from the legal ownership of the asset.

But Disney never signed on, and the member studios eventually got tired of it for some reason. The whole service was shut down in 2019.

[1] https://en.wikipedia.org/wiki/UltraViolet_(website)

[2] Interview with CTO Mitch Singer, https://web.archive.org/web/20110717234132/http://www.homeme...