I've experimented with creating exclusive content in html form, I was wondering if it's possible to encrypt video/images in this format.
The way I understand it currently, is that someone can get access to exclusive content which will have a link to media file that's not encrypted that anyone can share a link to.
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I haven't encrypted exclusive contents in my project so my reply might be inadequate. A few people with projects related to this don't encrypted their exclusive contents, as far as I know, rather they verify Web Monetization receipts in the backend and serve the appropriate contents if the receipt is valid, otherwise serve "unpaid" version of the content. I think this is already sufficient for hiding the contents from non-subscribers and from browsers' devtools.
You can head to guide for receipt verifier yourself at Web Monetization's official documentation:
Alternatively, you might want to explore more options by yourself by exploring Interledger repos:
Have you looked at Cinnamon: cinnamon.video/