When paying for software, the EULA often contains the clause "This software is licensed, not sold." I'm confused on what this clause actually means regarding one's ownership of the software. I have heard two possible interpretations of this clause:
You own the copy of software that you paid for but you don't own the copyright to it. This is the same kind of ownership you have over a book you buy at the book store. Among other things, the first sale doctrine would apply to your copy of the software. However, you can't produce new copies and sell them as you don't own the copyright. This is the interpretation expressed at 10:30 into this video.
You don't even own the copy of software you paid for. You are being granted limited, controlled permission to use this software. As you don't have ownership rights over it, among other things, the first sale doctrine would not apply. This interpretation is expressed in this post on the site.
Which interpretation is valid?