I find it quite hard to find out exactly what Apple allow developers to sell via In-App-purchases.
Would they approve a application where the user can by a video stream of something to watch?
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You could have a consumable product giving, for example x minutes of streaming, or the possibility to watch a movie x number of times. Or a non-consumable (persistent purchase), which gives the user the right to watch a movie forever or download it. You could also have a subscription where the user can stream for a month and pays a fee each month.