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Do I Really Own the Digital Media I Bought?
(www.digitalrightsbytes.org)
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Technically, yes. If you paid for and downloaded an MP3 file. You own that copy so long as you maintain it like making sure hard drives, flashdrives, whatever don't die on you. You can't fully bank on the longevity of some services to maintain libraries sometimes and whether or not they'll still honor some things if we're 10 - 20 years from now.
As far as buying things off things like Steam? Technically, no.