Well, you can give each streamed copy an undetectable steganographic ID, then if and when it leaks you will know whose copy leaked. This is not like encryption of the stream - the stream is quite legible. Since a stream is a string of bits you can change one or more bits to create uniqueness. You know where the bits are = you can find them.
It can be defeated by a quality downgrade by putting it though a tele-cine chain
(show it on the wall, capture into a lesser resolution, format, PAL/SECAM/VIDEO.
I am amazed at the fee gouge the oscarmongers extract.
Even 20 years ago, I turned my back on the whole Oscar spectacle. They and their critics are not me and have failed to pique my tastes in a positive way for those decades. I feel the Oscars are in a fade to black era.