@n0toose DRM in web-based Free Software is perfectly feasible, and still not something I'd recommend, but you could absolutely do it. In practise, the user does not control the server they're connected to, but any number of streaming services could pop up this way.
If all the streaming services used a single unified method of streaming, it'd be much cheaper and the services would be higher quality. It would lower the bar to entry for any small studios that want to sell their shows to consumers.