Widevine Technologies have just announced that they have added Flash video to their list of supported video formats for their Cypher DRM technology. You can read the full press release here.
I'm not sure which approach Widevine's product takes but the company claims that Cypher 'is the first and only DRM solution that offers consumers the freedom to choose their entertainment platform while protecting the copyright and revenue streams of content owners and distributors'.
I've requested some more information but somehow doubt that this is a service which can be trialed by people like you and me ;-)
I'm not sure which approach Widevine's product takes but the company claims that Cypher 'is the first and only DRM solution that offers consumers the freedom to choose their entertainment platform while protecting the copyright and revenue streams of content owners and distributors'.
I've requested some more information but somehow doubt that this is a service which can be trialed by people like you and me ;-)

Hopefully Adobe will also be working on this type of thing. The 'announced' Philo project may have something to do with that.
Glenn Morten
CTO
Widevine Technologies
I have heard that on Monday Adobe will announce their plan for DRM?
The question is will this be the third announcement we see in regards to Widevine's DRM for Flash. Widevine (www.widevine.com) announced early this week their solution for FLV...It seems that at least three of the TV networks are using Widevine to secure their Flash Video based online presence and it seems they are soon to lock up the remaining studios.
It is clear the Microsoft, Apple and even Adobe were asleep at the wheel.
Widevine made a huge score last week by announcing their solution to be quickly followed by ON2 announcing they are also working with Widevine.
So will Adobe announce Widevine support next week? It would make sense as NAB kicks off in Vegas. Flash DRM will be the hot topic at the show.
Will Adobe acquire Widevine?
Or will Adobe try to compete with Widevine?
If Adobe decides to "roll their own" I suspect everyone loses...
DRM was the last thing between Flash Video and premium content. But most large corporations like Microsoft and Apple who attempt DRM fail for several reasons.
1 - DRM is not their competency. Microsoft has less then five DRM experts. Motorola has only four. It is unclear if Apple has any. Contrast that will a DRM company like Widevine which is totally comprised of DRM expertise.
2 - DRM is not their focus...will they fix it if compromised?
3 - DRM is not how Adobe makes money...so you have to figure they will attempt something like locking you into the Flash Media Server to get the DRM. TV Networks are often billed as much as 50 cents per 1 Gigabyte of content streamed from a CDN using FMS. However, with an HTTP server doing progressive downloads or downloads that can be in the 12 cents range for the same content. Having the freedom to use alternatives to FMS saves Internet TV providers millions daily.
4 - FLV is one of many formats and a DRM that only supports FLV would be too limiting for the consumer.
These types of restrictions are why Apple and Microsoft DRM are failed technologies.
Adobe I am glad to hear you will be adding DRM for FLV...please do it right.
http://www.widevine.com/ip.html