The reason so much content is region restricted is traditional Hollywood licensing deals. Just another example of their outmoded business methods.
In a sale model, dropping third world prices to locally affordable carries a risk of those copies being brought to the first world and resold. Viewers would buy the imports because they were cheaper.
In an ad model, the viewers don't pay. Instead watching an import would mean watching ads which were placed more cheaply, but are probably also less artistic and less targeted. No real incentive.
Here in Portugal (not third world, I know) I get plenty of AdWords from national companies, much more than from international ones.
Combining the other recent pg essay about schlepping, this is a major schlepping window of opportunity. If someone could find a way to make it easier for filmmakers to reach markets around the world, that would help the overall issue.
I don't just mean slap up a youtube clone and call the problem solved, I mean provide access to theatrical and tv gobally.
Major schlepping there, but probably a good opportunity too.
Same with prescription drugs, also a subject of these SOPA/PIPA laws.
My comment wasn't about technical feasibility, it was more about the fact that, by default, the web is a planetary medium, therefore, any new entertainment made on it is available without regional restriction unless the authors take steps to create such restrictions.
And then Hollywood complains about people in unusual regions torrenting things.