Up until now, people have been able to rent, buy, and watch movie and TV media content via the Google Play, at least in supported countries. However, this is changing soon as Google has now announced that Google TV is going to be the hub for this content from May 2022.
Although the Google Play app will not support movies and TV shows, you will still be to use the Google Play app for apps, games, and books. The user experience will be exactly the same but the idea is to unify media content in the redesigned Google TV app.
It is important to note that your existing content will be migrated to the Google TV app and you can also take advantage of capabilities that allow sharing content with family members. You will be eligible for Google Play Points and can use the same TV app to utilize your Play gift cards and Play funds.
Wishlists will be offered as well and you can also view and request refunds for your historical purchases made via the Google Play app. The migration process will kick off in May 2022 but Google hasn't clarified timelines for the completion of the activity.