Streaming stocks have not had a very good run lately. For a while, many of these stocks were screaming higher as the companies continued to add tens of millions of new subs. Now though, this group has fallen on hard times. It’s got many investors looking at this group as high-reward stocks.

Here’s the problem.

Many streaming businesses are operating at a loss. Content is expensive and so is building out a platform that millions of people will be using at once. It’s also hard to scale that around the world.

During bull markets, nobody cares about the losses. They care about streaming hours and paying subscribers. When the economy and stock markets come under pressure though, these businesses come under more scrutiny.

Let’s look at a few streaming stocks to buy that could have a notable upside into the next bull market.

Netflix (NFLX)

Netflix (NASDAQ:NFLX) leading off this list shouldn’t surprise anyone. It’s become one of the biggest names not only in streaming but in the whole entertainment industry. However, it hasn’t been an easy run for Netflix stock.

The stock suffered a peak-to-trough decline of more than 75%. However, it’s been on fire from the lows, up more than 100%.

While Netflix is the best-performing FAANG stock over the past year, its 15.3% year-to-date return is less than half that of the second worst-performing FAANG holding, which is Apple (NASDAQ:AAPL).

Despite all of that, one has to wonder where Netflix stock goes from here. Those looking for a good value had their chance when shares traded closer to the 15 to 18 times earnings area. Currently it sits at 30 times earnings and there’s less value than before, but if the top and bottom lines accelerate the way analysts expect in 2024, Netflix stock should do well.

Walt Disney (DIS)

Walt Disney (NYSE:DIS) is not getting any love from Wall Street right now. Shares are up just 10% from its 52-week lows. The firm’s recent earnings report was a big negative catalyst as investors were disappointed by the results.

The company reported in-line revenue results, missed on earnings expectations and lost 4 million streaming subs in the quarter. Ouch. No wonder shares suffered a one-day decline of 8.7% on the news.

That said, Disney still has almost 158 million paying streaming subscribers across its platforms. While it marked a 2% sequential decline, average revenue per user grew.

Further, let’s not forget that Disney is a juggernaut in entertainment. When you ignore its streaming revenue the company still has, studio blockbusters, TV channels, cruise ships and theme parks. It won’t fare well in a recession, but over the long-term Disney is a name to bet on. I personally think that’s particularly true as shares are down more than 50% from the all-time highs.

Warner Bros Discovery (WBD)

There’s a common theme between these three stocks, which is that it hasn’t been an easy run lately and the same can be said for Warner Bros Discovery (NASDAQ:WBD).

Previously kept under the AT&T umbrella, the firm spun off Warner Bros Discovery to help create value for shareholders. Unfortunately, WBD stock has struggled, with shares roughly cut in half since the spinoff about a year ago.

The firm is forecast to lose about 50 cents a share, although next year it’s forecast to earn about 50 cents a share in profit. It generated about $3.3 billion in free cash flow last year and while its debt is high, this is a name that could have big potential down the road for shareholders.

That’s particularly true if the stock takes another trip down into the single digits as Warner Bros has an expansive content library and a new platform via Max. Its streaming service scheduled to launch next week that will merge HBO Max and Discovery+.

On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.