HDCP is a copy-protection mechanisms for higher-resolution digital content. What's also called DRM or Digital Rights Management. It's part of the display connection; the controller, the cable and the display being used.
How are you viewing the content from your MacBook Air? What sort of monitor is in use if it's not the built-in LCD, what sort of cable?
Is AirPlay or screen sharing or remote desktop in use?
Did the content work after you upgraded to El Capitan, and then stop?
Have there been any video-related tools, or any anti-virus or anti-malware or performance-enhancing or optimizing or cache-cleaning or other similar add-on tools been added or upgraded or changed recently?