It's an interesting idea, but I don't think it will work in practice. These moments happen naturally because the couple trusts in each other. Convincing my girlfriend to download a specific app so that we can film something is a bit odd. People don't care that much about how things are encrypted or about complex security mechanisms, they want something that is easy to use. Snapshat is easy to use for example. Everyon…
However, I think there might be a market for this with casual hookups. In these situations, you may want to let someone access private videos/pictures, but don't trust them enough to just send it, especially if your face is included. Receivers might also be more inclined to pay. Additionally, while I think it would be acceptable in this situation to ask someone to install an app, the makers of this have to take extra care to ensure that this looks serious and doesn't come off as a scam.