You could do content delivery in a decentralized manner (like, say, through IPFS) but then how do you enforce than only the NFT owners can watch the movie? The database is public, anybody can just look up the NFT and find what URL it points towards. You could "right click" the movie, so to speak.
NFTs are a really, really, really dumb concept, even by cryptocurrency/blockchain standards. Any use of NFTs for right management would require a proprietary, trusted, black-box player to enforce the DRM. If you use a proprietary, trusted, black-box player what's the point of using an NFT in the first place?
It's a CD key with extra steps.