Apple TV Movie & Rentals and iPhone Facetime Shareplay Feature

I would like to know if it is possible to shareplay a movie with someone that is on my Apple family group. The movie would be bought on Apple TV on my iPhone and we would Facetime + Shareplay to watch together. Does this theoretically work if one of us buys the movie and we technically share the same Apple TV subscription? I want to prevent double buying the movie from Apple TV on both ends if possible.