Yup. And yet, almost every major website with advertising has figured out a way to deliver ads that are not only localized, but also, and even better, targeted based on my browsing habits.
If content distributors would take a moment to step into this century, they would realize that they don't have to license the content locally. All they need to do is to get local advertisers to *come to them* and then distribute the ads appropriately based on IP. They've already figured out how to *block* us geographically based on IP ... but, content distributors always seem good with technology when it comes to *pissing off* their customers.