Yes. I set one up about 8 years ago.
We limited the numbers to five, as that's kind of the maximum that can all see the tv comfortably in an average house (unless you want to draft in dining chairs) and anyway it's hard enough finding a date that everyone can make with five. The only exception is if someone has a house guest who wants to join us, but that rarely happens, as we just arrange dates around things like that.
We take it in turns to host, and the host provides snacks. We don't advertise the film in advance, in case people don't fancy it and decide not to come.
An unspoken rule is that unless asked we don't say if we've already seen the film. We've been going for years, so have seen all the more obscure ones that people had on DVD, and are now looking at Netflix etc, so the chances are that at least one member has already seen the choice of the night. It is dispiriting if someone says 'Oh, I've seen it', so we don't, but if the host has a plan B and asks, that's up to her.
That's all I can think of, but ask anything you like if there's something in particular you want to know.