We don't buy movies. At least in the US, we buy license/right to view.
(IANAL) That part is the same even if you buy a music CD or a Blu-Ray disc. You're only granted a license to play it for your personal use (and you're not even allowed to play at a public event or broadcast it). But, you're legally allowed to make backups for yourself and (in certain instances) encode them for use with a different mechanism. That's one of the things that iTunes (taking a popular example) helped revolutionize, with CD ripping and place-shifting the content for convenience. DRM, along with making the breaking of DRM illegal (is it still illegal for all kinds of content? I haven't kept up) is what messed this whole thing up.
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(IANAL) That part is the same even if you buy a music CD or a Blu-Ray disc. You're only granted a license to play it for your personal use (and you're not even allowed to play at a public event or broadcast it). But, you're legally allowed to make backups for yourself and (in certain instances) encode them for use with a different mechanism. That's one of the things that iTunes (taking a popular example) helped revolutionize, with CD ripping and place-shifting the content for convenience. DRM, along with making the breaking of DRM illegal (is it still illegal for all kinds of content? I haven't kept up) is what messed this whole thing up.