Funny how he always says the DRM is dumb. And yet, DRM graces every game that shows up on my computer connected to Steam. Unless there's some secret DRM definition I don't know about, IT'S DRM.
You are able to see the difference between the account-based Steam that comes with a slew of other features as well, and something like the typically disc- and activation based SecuROM, correct? There's your distinction.
The usual definition is actually the other way around: DRM means that an "authority" of some kind exists that denies or (much more common) grants access. Without an OK from that authority, access is denied.
The other kind (I won't mention SecuROM here, because it actually includes both) is just a simple requirement of some kind, like "a disc with this or that data has to be in the drive". There's no authority, just a need to fulfill the requirements.
But I think the point here is not really how the offline data is protected, it's about how added value is provided: The base application may not require anything at all, no OK from the server, no disc present, no nothing: instead, added value is provided to users that sign in to the service, like additional content, serverlists, global rankings and so on.