We have a similar subscription model in the UK for Cineworld. For a monthly fee you can go to the cinema as much as you like.
The key difference is, the monthly fee costs about 50% more than a single ticket, and you’ll be lucky to have more than 2 or 3 movies you want to watch each month, with the obvious dry-spells where nothing really appeals. Since it also gives a discount on snacks (already hugely expensive), it’s just a way to sell more sweets and pop.
It pays for itself after two films, when there are two worth watching, and as long as you don’t bother with snacks. Cineworld easily claws back some of that money when you skip the cinema for one month, or only go once.
It seems a lot better thought through than what turned out to be a free-for-all cinema subsidy with MoviePass.