Usage rights for iTunes Store purchases

Movies, TV shows, and certain other items purchased from the iTunes Store are protected by Digital Rights Management (DRM). These protected purchases can be:

All songs offered by the iTunes Store now come without DRM protection. These DRM-free songs, called iTunes Plus, have no usage restrictions and feature high-quality 256 kbps AAC encoding.

See also
Authorize a computer to play iTunes Store purchases
Change where your iTunes files are stored