Interesting, if you buy movies from Apple (and I assume from other online sources), you don’t actually buy the movies, just the right at the time of purchase to download a copy of the movie.
If Apple (or any other online store) don’t renew the rights to the films you have purchased, the films you thought you had purchased, will be removed from your library…
To apease the customer for removing his movies without refunding, they offered him 2 movie rentals to compensate for the lost films. No refund is possible.
Apple notes – again, buried in its terms and conditions: “It is your responsibility not to lose, destroy, or damage Content once downloaded. We encourage you to back up your Content regularly.”