Method, apparatus, and media for embedding a watermark in digital content. An exemplary method comprises receiving digital content in an encrypted form, receiving a decryption key associated with the digital content, receiving permitted use information specifying conditions under which the digital content is permitted to be rendered and indicating that a watermark is to be embedded in a rendered copy of the digital content, determining whether the conditions are satisfied, and rendering the digital content if the conditions are satisfied based on the determining, the rendering including generating a watermark based on the permitted use information and creating a rendered copy of the digital content having the watermark embedded therein.