A “fediverse” version of Youtube already got made and subsequently killed, PopcornTime.

The Bittorrent backbone already has plenty of media and can handle more bandwidth than we’d ever need to throw at it. Encrypted Onion Routing provides a degree of insurance against copyright cops, too. The only problems left to solve are automating the discovery of user-relevant content and avoiding the legal system long enough to write and popularize an open source app that puts it all together with a couch-friendly front-end.