The streaming business is at an inflection point. Streaming services from major entertainment companies have been collectively losing billions of dollars for years, and now business owners are ready to make a profit.

But that doesn’t stop them from taking steep, style discounts to attract new subscribers for Black Friday.

It’s the ultimate Catch 22 of streaming: you have to engage new users, but you also have to monetize them.

And even though streaming isn’t quite a profitable business yet (Disney and Max are certainly close), the stiff competition means they feel like they still have to be aggressive when it comes to capturing those subscribers.

With one exception, of course: neither Netflix, nor Amazon Prime Video, nor Apple TV+ offer discounts. If you’re already extremely profitable (like Netflix), or funded by a tech giant (Amazon and Apple), discounts seem unnecessary.

Disney is offering a number of Black Friday discounts, including a year of Hulu for $0.99 per month, or a year of Disney bundle of Disney+ and Hulu for $2.99 ​​per month. New Hulu subscribers can also add Starz as an add-on for $0.99 per month for a year (yes, Starz is available as an add-on to Hulu).

It’s worth noting that Disney appears to be the entertainment company that has turned the corner in streaming, with its direct-to-consumer business bringing in net income of $321 million in the fiscal fourth quarter.

At NBCUniversal, Peacock offers a one-year subscription for $19.99, or a six-month service for $1.99 per month.

At Paramount, despite the uncertainty surrounding Paramount+ with its looming acquisition of Skydance, the company is offering a discount, with both Paramount+ and Paramount+ with Showtime offering a $2.99 ​​per month deal for six months.

And Max from Warner Bros. Discovery takes a similar approach, offering six months for $2.99 ​​per month.

Of course, there is a catch with the Black Friday offers.

With the exception of Paramount+ with Showtime, all deals are for their advertising levels. This makes sense because for many of these companies, the ad levels generate a higher ARPU than the ad-free options. So even with the deep discounts, the companies have a way to try to make up for lost subscription revenue, and if users stick around after the discounted rate ends, even better.

And Peacock, the streaming service that seems furthest from profitability (it lost just $436 million last quarter) is offering an annual plan to try to retain users… and hopes they tune in so they can generate revenue through ads generate.

Streaming is a tricky business. With the exception of Netflix, it is difficult to make a profit. But it seems subscribers are even harder to find. So Black Friday sales are making a comeback and are likely here to stay.