This is a huge market and I cannot believe there is no woocommerce extension for this yet. Yes you can use Groups woocommerce to create a restricted page but that a very clunky solution.
I mean where you add the 'movie rental' (like iTunes or Blockbuster) to your cart and checkout and pay. You are then taken directly to your purchase page and the video is ready to watch. The customer has 24 hrs to watch the video (this could be set when they buy).
The trick is to have the video secure - I use Amazon S3 with authenticated users.
I found a solution (its in beta and very unstable) but this is outside woocommerce. I am willing to pay toward the cost of such a plugin for woocommerce.