This will be taken down sooner or later, while no legal alternatives¹ exist in many countries. Ridiculous. Movie industry: Okay, apparently you don't want my money, that's fine, but then please don't complain about piracy.
Basically, the Academy Awards rules are the only reason this can't happen. If you enter the video/dvd/download stage too fast, you don't qualify for the Academy Awards.
Because they make more money by forcing you to go to the cinema and pay $12/ticket each time you want to see the movie for several months, before finally releasing on DVD several months later, and making money from that when everyone buys it again. The movie industry would also be opposed to this idea as one of the only ways they keep films from high-quality piracy for any reasonable time is by restricting the distribution and format of the film to something that's not easily ripped and uploaded. Even an encrypted stream would be much easier to break and redistribute in most cases than hooking up a projector and ripping from that.
[1] Cross-platform, HD quality, easy to use, etc.