Anyone who has taken Computer Security 101 would know that security through obscurity is not the smartest thing to do. Calling it "near-ridiculous level of security." is downright blasphemy.
Blasphemy? Sounds like nothing more than the simple truth. If anything, they're being too humble. It literally is a ridiculous level of security, for here we all are ridiculing it.
Except that these videos are playing on your local machine. With the most advanced DRM mechanism possible it is nearly as trivial to simply record the video output.
There is no reason to spend developer time making a complex mechanism that is no more secure than a simple xor.
