Which might have worked, if they had targeted a geographic domain where their funding would give them sufficient runway to price low enough and advertise hard enough, for long enough, to essentially control the market.

“The whole United States” was far too broad of a market for them to be able to afford to make enough of an impact. They should probably have initially targeted a single metro market.

But they couldn't do it in the market they did target with the deal they had been offering, and targeting the same market with a worse deal may leave them solvent longer but it won't lead them to the kind of dominance they need to force theaters to the table.