I think there's definitely value in last minute deals in specific sectors. While I agree with @Hari's answer, I think it borders on over simplification. Movie tickets is definitely worth taking a shot at. I've walked into a few screenings that got cancelled cause no one else (or in one occasion just 1 other person) showed up. It seems like a classical information problem where you go to a mall to kill time and end up walking around and spending money on coffee and calories when you could have caught the latest Bourne movie at 50% less.
The cab booking example is not an apple-apple comparison. Cabs, till a few years ago, suffered from service issues and were fairly non-deterministic (plenty of stories of people bookings getting cancelled at the last minute). People tried to offset that by booking much in advance (which had absolutely no correlation with the guy actually showing up). Much of that has changed today largely due to better service providers, tech, social media pressure on brands to deliver/replace etc and not just because there are more cabs available.
Compare this to advance movie ticket booking. One primary reason why people do that is to avoid queues at the ticket counter and for making sure they actually get to see a specific movie. I think even if you sell of x% inventory every day at a reduced price, there will still be takers for the advance booking purely for the convenience aspect and determinism it brings.