Debatable. If you go to the movie and the cashier says "it's $11 for the movie, or $12/mo for unlimited movies", i wouldn't be surprised if many people take that deal. That's how restaurants get you with menus & other bundles.
I can't decide whether this would be more or less likely to convert (and also, whether it would be more or less profitable) than "$11 for the movie, or $10/mo for unlimited movies."
Obviously you'd think "more likely to convert" because it's cheaper, but maybe actually less likely because the fact that it's cheaper than a movie would give you pause, and make you think "Oh, it's a subscription," and then realise it's $120/year -- probably more than you spend on going to the movies.
We only have to go to three regular movies a month to save money or one IMAX movie and one regular movie a month.