It's a cool idea but paying for individual movies like that doesn't really make sense when HD streaming services like Netflix are around.

I prefer the way Jeff Gerstmann put it

Good idea, impossible to execute.

Too many cooks in the kitchen. Too many studios, too many movies, too much intellectual property rights, too many royalties to figure out, etc. Everybody will demand more than everybody else because their shit is worth top dollar. You'd have to get everybody involved on the same page and locked in to a long term deal for it to work out.

By long term I mean sign your soul away on the dotted line for all eternity.

That being said, I would give my left nut for this to actually happen.

My name is Mr Black and I approve this idea/thread.

This is a great concept, and I would definitely support it, but Low Budget Jeff summed up best why it won't happen. Hell even with Netflix and Hulu, Australian's don't even have those services yet, closest thing we have is freaking Apple TV