No it’s not fair.

They've stolen the property. It’s not “fair” if you replace it, let alone only replace it with a lesser than value as “it was second hand”.

When you buy an option, you don't deserve a refund for not exercising the option.

On the other side, a user that watched a movie 1000 times should not get less compensation.

All users are being impacted exactly the same way (loss of future access), so should be compensated the same way.