If you would like to put it like that, yes. But the point is that with transferred ownership (and hence serial viewing) it will take 11 years for 50,000 owners to watch a 2 hour movie, if they watch in a continuous marathon. If we assume that there are 4 people in the family of each owner on average and it is actually only watched during the afternoon hours (i.e. when people are home from school and work and not sleeping) Then you can if you're lucky get two ownership transfers per day and it will then take 17 years for 50,000 people to watch the movie. By that time the movie is outdated and everyone who wanted to see it has seen it anyways. I.e. this serial transfer of ownership, even when done very efficiently (i.e. twice a day), does not significantly undermine the IP (i.e. the ability of the owner to profit from his creation).
I wonder if George Lucas would agree with you.
But we might be coming to a consensus. If instead of Mailing these movies, we have a club house, that sells say beer and pretzels, where you can come and mingle, pick a movie to take home, bring any new purchases for others to the shelves of the club house, this would be OK.
As the Club Owner, I make money off of the sales of beer and pretzels, the club members get low cost almost free movies (because they must be averaged down from each others purchases). Would this be an acceptable business in your new system? Even though it does hurt DVD sales (maybe, cause they might not buy the DVD otherwise).