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Streaming, Rental and Umbrella Movie Licenses

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Question

What qualifies as a legally owned copy of a movie? I understand that the physical copy, when loaned is transferrable and can be covered with an Umbrella License from SWANK or other companies. I believe that streaming services do not qualify as an owned copy as they have licensing that does not work with the Umbrella License. What about movie rentals from iTunes? Does that licensing also exclude itself from the umbrella license? I guess my question is, does only a physical copy of the item work with the Umbrella License provided?