Yes, it is. That hasn't stopped them from copyright abusing shenanigans before.
In Sweden as an example, it's OK to share with a small group of friends[1].
[1] https://translate.google.com/translate?sl=auto&tl=en&u=https...
I do think that federated services will finaly set media free. But I also expect that copyright holders will try their best to kill a few servers that are big enough to catch their attention.
Arr matey