yes sounds right, for HDMI you need security for rights management, the analog outputs do not have any function for that, so anything in the chain that breaks the HDMI rights protection will not work. I can play a BlueRay through my laptop screen or HDMI out, but I can't use the VGA out, it gives me an error about the output not being supported and blanks the screen. That is done so you can't simply play a DVD or BluRay though HDMI then convert that signal to an unprotected analog one and record it.