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The distribution of free content has its meaning. If your content is a good, people will come to you for updates. So that the watermark on the video is already very good thing. And perhaps that it is not necessary to prohibit the distribution of the content wiht watermark. For example, microsoft does not prohibit the distribution of pirate windows too much, because it spreads their ecosystem in the world.
On the contrary, support such threads, report about updates available only for money and switch customers to legal consumption by subscription.
You can not be 100% protected from stealing. Such technology does not exist at the moment, since everything that can be play on a computer can be copied.
So you need to lead this mess, fighting only with radical cases of theft of especially valuable content.
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