It's so outstandingly unpractical that I consider that "unplayable". It certainly is for the layperson.
So I've turned to getting these from "that other source" and keeping the blurays as tokens of ownership.
Movies can be sourced second hand (or sometimes even new if you wait a bit) for around 5€, for 800 that's 4K total. 8TB is more like 150€ around here, closer to 200 if one goes CMR. Adding a 4 (or 8 to add shows) disk enclosure to that significantly adds to the bill, which tallies around 1k, and double that if you add redundancy for ZFS to repair bitrot which at these scales starts to statistically matter. But even then, 1k is certainly not minor compared to bluray price.
$/byte will inevitably come down, but we're still quite a few years away from crossing such a rounding error threshold. Re-encoding cuts that down by a factor of 5 to 10 with minimal impact on quality.
reencoding takes time and effort. i.e. lets say an encoded movie could be stored for free (not true but useful for argument). that means if it costs you 200 euro to store 200 simply decrypted movies, it means if you would spend more than 1 euro of your time, energy ... on each movie, its better economically to not reencode it. from my experience, one ends up spending a decent amount of time per disc.
edit: the above is just my logic for why the added cost isnt much to me and something i think others should consider. there might be good reasons why it doesnt apply in specific situations, but i still think everyone should think long and hard about it.
this is distinguished from DVDs where one can brute force it without starting with a key.
the only distinguishing thing between bluray and streaming drm is an end user simplicity thing, but thats more of a "product" / end user technical ability distinction than anything else.
I buy movies that I know I’ll watch repeatedly, e.g. LOTR extended editions, Alien anthology, The Matrix, Die Hard is a Christmas movie tradition, etc.
Same with music.