[zuminator]

Watermarking the streams doesn't do anything to prevent Blu-ray rips from being propagated, just as watermarking streaming audio doesn't prevent someone from sharing their CD rips. All it takes is one pristine source rip for the watermarking effort to be moot.

As far as catching web rip culprits, that becomes a cat and mouse game when easily available stolen credit card numbers are a thing.

In the end, i think these type of schemes end up protecting information security division income more than they protect the artists' income.