I don’t think it’s going to rival Netflix but I just got an email from Plex saying they’re now offering free streaming of movies, tv shows, music shows and documentaries.
I had a quick look and the selection was small, and with not many movies there that I’d recognise. Playback is advert supported so hopefully they’ll do well. This engadget article says,
only about one-third the amount of ads you’d expect on cable television” and that while some movies and TV shows will be geo-restricted, the “vast majority” of content will be available worldwide
You can still serve your own collection of media through Plex and I’m not too gone on the selection of movies I saw but hopefully it’ll improve with time.