Earlier quoted context omitted.
It's absolutely licensing. When content is licensed, there are different licenses that are distributed based on who pays and what the service is: * First-run -- you get to broadcast it first * Syndication -- you get to broadcast second * Digital -- you can also show the product on a digital platform (this was how Netflix was able to do their loophole with Starz back in the day, Starz sold the digital license and stre…
There are more and crazier ones: exclusive windows for airplanes, hotel PPV, &c. When you're frustrated by some lacuna in a video service's offering, 99% of the time the feature is missing, the reason is "licensing". Content ownership is going to devolve into small offices of tens of attorneys and support staff, managing these licensing deals. Universal Studios et al will simply be licensees of Jaws properties for th…
It's done this way for financial bookkeeping, legal liability, and tax structuring reasons. This type of setup is more popularly known as "Hollywood Accounting" and is the reason why a movie can make hundreds of millions but still yield a "loss." (The studio acts as a distributor and is payed a distribution fee; the IP owning company receives royalties; the production company that actually writes the checks for expenses gets its cut "last" after the income has been redirected to various other entities.)