It depends on the license type—and Microsoft's shifting policies.
License Types
Purchase (Buy to Own): Historically grants a perpetual license to stream/download as long as the service exists and the license isn't revoked. You do not own the file (DRM).
Content Removal: Studios can pull titles (licensing disputes). Purchased movies become unplayable (e.g., Discovery content removed 2023, some Lionsgate/Universal titles). Refunds offered as store credit, not cash.
Platform Migration: Xbox 360 Marketplace closed July 2024. Purchased 360 content accessible on Xbox One/Series via backward compatibility if license transfers. Some 360-only videos lost.
Movies Anywhere (US): Link Microsoft, Apple, Amazon, Google, Vudu accounts. Retains access if one retailer loses license. Highly recommended.
Download vs. Stream: "Download to console" caches encrypted files. Still requires periodic license check-in (online). Offline play limited (~30 days).
True Ownership?
No. You license access. Physical Blu-ray (no DRM) or DRM-free digital (GOG, some indie film sites) = ownership. Digital store purchases = revocable license.