I don't get the defensiveness about "intellectual property".
From a business perspective I don't think you lose any customers from not watermarking.
The true customers are gonna pay, an they freeloaders aren't gonna pay, no matter what you do.
Why spoil the (viewing) experience of legitimate customers, or simple viewers who are the majority, for the sake of a couple freeloaders that are gonna bypass you anyway?
From an ethical perspective, intellectual property is a nightmare.
Art, much like science, is derivative.
So, unrestricted access to new material is crucial for its advancement.
How would you feel if professor Higgs and CERN didn't publish their research papers and experiment results, so as to protect their "intellectual property"?
Or if they published only a small part of it, and you needed to pay for full access?