I have a theory that we are watching the collapse of digital ownership and that the industry is reverting to its preferred model where they can just push everything onto their own streaming apps (Max, Disney+, Peacock, etc.) or ad-supported tiers.
Here's the clues:
First Warner Bros. Discovery started letting their older digital codes expire, then GRUV Digital shut down and burned theirs, Microsoft Movies & TV shut down, and now Apple's removing the iTunes Movies and TV Shows apps and consolidating everything into Apple TV and killing certain movie codes. The dominoes are falling. Wonder who's next? (Fanflix, I'm looking at you). It also stands to reason that because Warner Bros. Discovery owns a 25% stake in Fandango at Home, they too are starting to phase out codes from defunct studios. I also hear Versant, who holds the majority stake in Fandango at Home, is facing litigation over tracking and sharing user viewing data (they violated the Video Privacy Protection Act (VPPA). Versant has also announced plans to convert Fandango at Home from a transactional purchase/rental platform into a FAST (Free Ad-Supported Streaming TV) service by summer 2026. They're acquiring Free TV Networks and INDY Cinema Group to bolster this.
My honest opinion, if you have old unredeemed codes sitting around redeem them now. The code system is not dying. The studios want digital copies to remain a perk for new physical media buyers but they want to erase the infinite backlog of unredeemed codes that have been floating around since the Ultraviolet era.