I barely go to the theatre anymore because of a lot of reasons, if you let me pay to have Day 1 access to the digital copy to either stream or outright buy DRM free I'd never set foot in an overpriced auditorium ever again.
The model would become more like digitally distributed video games, Launch day sees a big spike in sales (hell, pre-orders?) and then it kind of tapers off after a month or so, then you got a back catalogue you can keep old movies on. Things that normally wouldn't get distribution have a cheap option now... hell the more I think about it the better it sounds.
I mean, do for movies with what Steam did for games and you're gonna win