Words and things, mostly words.
If, like me, you’ve been online since before the term ‘Digital Rights Management’ (DRM) even existed, then the following should come as no surprise to you: Apple can delete movies you purchased from the iCloud at any time, and there is no recourse for the consumer. The story was detailed over at The Outline (link), and essentially confirms what everyone was saying about DRM since its inception.
As convenient as it is to have everything stored in “the cloud,” it is important to remember that The Cloud is just some other asshole’s hard drive — and they can do whatever they want with it. Just as streaming services offer no guarantee that content will be accessible indefinitely, cloud-based services also carry similar concerns with them. If you truly want to retain a thing you bought, you’re going to need to make physical copies, as these services aren’t giving you any sort of ownership rather they are leasing access to you for some indeterminate length of time.