[gknoy]

The bits need to come from somewhere, and your player will need to decode / un-obfuscate that. If it gets used enough, some enterprising person will open it up their debugging tools and figure out the way that you obfuscate the source URL. This is the same issue that DRM has: trying to prevent your user from using the info you're sending them is only winnable in the short term, and impossible to win in the long term.

You might be better off having the content gated with authentication: here's your random token, good luck downloading someone else's stuff. Past that, why do you care whether the source of the content is hidden? Does it matter whether someone uses your player or wget to get the same bits?