I've been getting the NP-34981-5 error code during license restoration as well, however my situation seems to be a bit different, as none of my games have ever been affected.
I purchase videos through PS video, and around 2 months ago my S7 of game of thrones and S3 of rick and morty simply disappeared out of my library. After contacting playstation they had me restore my licenses to no avail, and had to refund me the $ to repurchase the same items, which worked for a time.
Then the same seasons of shows disappeared again last week, and once again i called playstation only this time, after license restoration, the shows reappeared in my library.
However, neither of them will play. Upon license restoration sometimes it works fine, sometimes i get error code NP-34981-5, either way the affected videos will still not play and they simply state that the "license information is not available try again later".
Dunno if it matters, but since only my videos are affected I'd say it hints more towards something on playstation's end of things, because videos stream off their servers right?