Yep, the W3C spec about it is called "Encrypted Media Extensions", and the actual DRM modules themselves are called "Content Decryption Modules" (Specifically unspecified, security through obscurity and all that)
The EME spec just details how a page can request playback of DRM locked material, and a example DRM module called "Clearkey" (Which is actually completely specified and is something like plain AES encryption, so nobody minds it), all communication with the actual DRM module is left up to the browser, and every browser does it differently with a different DRM backend.
Edit: How's this for fragmentation, Chrome supports the "Widevine" DRM scheme, IE11 uses "PlayReady", Firefox uses "Primetime" and Safari exposes "Fairplay", and content providers wanted this mess.
Well, more power to them if they get it to work but the problem with DRM has always been that it punished the honest person while the dishonest person just went about their business.
Hopefully it will be better.