Hi Stephen,
An interesting question.
The quick answer I think is "no".
Mostly due to licensing of movies from film studios both nationally and internationally.
However... there is always a solution.
It may be convoluted of course...
You mention OneDrive - while I don't use it myself, I believe if a movie were uploaded to a shared folder there, anyone with access could "stream" [locally] to their devices in class. (Even concurrently)
I know this can be done from Google Drive as I have set this up successfully myself.
Plex is another solution for streaming locally - but is a paid for solution.
The other option is to set up a NAS (Network Attached Storage) on your network.
This will also allow you to "stream" movies [locally] from a single device.
Either of these solutions do require you to have the movie copied locally.
The excellent Handbrake can facilitate this:
I have long advocated to schools to download their resources from YouTube, Vimeo, etc. and store them locally on their network.
I understand it's easier to just click a link, but the bandwidth it takes up to do this (especially if every teacher is doing it on a rainy day!) is huge.
In turn, this can lead to clogged network, slow connections,
etc... and if it's over Wifi...
I am not of course advocating stealing from dodgy sites (which I won't mention here, but can be found easily enough).
If you purchase the DVD, then use Handbrake to make a copy however... you should be good to go.
Happy to chat further to go through the process if you like Stephen.
Cheers!
Chris