Your average layman might assume that this refers to media in the general sense (and its oh-so-natural wont for encryption) whereas in fact, it refers very specifically to HTML5's media elements.
It's possible to tell what's actually covered by the W3C's draft by carefully examining its title the second word - 'media' - is the key. I'll look at what it is, why it's not a great idea, and some implications of its approval, were it to be approved. The EME draft is widely talked about as 'the DRM standard for HTML5', but this is not truly what it's content covers. Probably the hottest thing the W3C is working on right now is their Encrypted Media Extension Working Draft.