How about being able to get a group of people together to watch a new movie of your choosing on demand, in relatively small private rooms, on equipment far better than you could afford?
Via digital projection on smaller screens, with movies stored on a very large high-speed NAS. If, and it's an insanely huge if that I have no intention of actually trying to address, Hollywood studios would be open to a licensing model that preserves their per-ticket revenue, it should earn them the same amount of money, and save theaters the expense of showing a movie to an empty auditorium with a power-hungry high-brightness bulb. Hence, ticket prices should be roughly the same.
You could further appeal to discerning consumers and directors by building in an automated calibration system that adjusts for changes in the projector bulb and matches specifications before every showing.
