Precisely. People imagine the entire data related to all aspects of a process executing on Blockchain, will be resident on the Blockchain.

On the contrary, it would be as lightweight as possible. And the transactions in a Block, could point to trusted Oracles outside the Blockchain. And usecase involving streaming content like Movies (the example given by GP) would definitely NOT have the content on the Blockchain.

Rather, just the urls to trusted oracles, in the txn. With the hash of the txn, present in the Merkle Tree in the Block, for verification purposes, so that other parties can quickly verify the block is not fraudulent or tampered with.