Streamers are offering generous Black Friday promos — but they’re a double-edged sword

• Black Friday is one of the best times of the year to get a streaming subscription.
• US streaming sign-ups on Black Friday deals surged last year.
• While these sales are a proven way to add customers, streamers risk hurting their profits.

Streaming services may have a problem: their Black Friday deals are wildly popular.

The Friday after Thanksgiving has long been known for its blockbuster sales, marking the unofficial start of the holiday shopping season. Streamers have spent the last few years celebrating in style, with massive markdowns of more than 70%, in some cases.

These steep discounts are highly successful at bringing in new subscribers, according to new data from Antenna, which was shared exclusively with Business Insider ahead of its release.

About 8.3 million people in the US took advantage of Black Friday promotions for streaming services in 2024, up more than 31% from the 6.3 million who scored such deals in 2023, Antenna found.

In 2024, more than a quarter of all US streaming signups in the last two months of the year came in the week or so between Thanksgiving and early December. That percentage was about 23% in 2023. And those who snag these offers cancel at slightly lower rates than other customers, Antenna found.

Customers now expect Black Friday firesales

However, these generous deals aren't all gravy for streamers. Not only are these customers paying far less than full price, but they may be conditioned to expect heavy promotions.

"Customers aren't stupid," a Disney streaming employee said. "If they want to sign up in September, they might wait until Black Friday in November."

Disney's streamers are among the most popular on Black Friday. Hulu brought in an industry-high 2.4 million subscribers in the Black Friday window last year, up 51% from 2023. Disney+ was third behind Paramount+ with 1.4 million sign-ups, thanks in part to a deal that gave customers both Disney+ and Hulu for 70% off at $3 a month for 12 months.

Only HBO Max, which at the time was called Max, reeled in fewer subscribers last Black Friday than the year prior. Its sign-ups fell 14% to 900,000 for its offer, which was $3 a month for its ad plan for six months. HBO Max seems to have stepped up its sale this year by offering that same price for a full year instead, even after raising its typical price by $1.

Media companies hope these eye-catching promos will draw in those who've never tried their services, and then they can hook subscribers on their content, build habits, and keep them.

While customers on these deals pay less, streamers have determined it's worth the risk to land them in a highly competitive landscape.

Two other Disney streaming employees said its holiday promotions are chiefly about getting people in its Disney+ and Hulu bundle, betting that customers who sample it will stay. Package deals have "really strong retention," one employee said, including the Disney bundle with HBO Max.

The days of streamers adding subscribers at any cost may be over, as media companies raise prices and focus on growing engagement and profitability. But this Black Friday is again showing consumers that there are some streaming deals to be had.