Discount or not, I wouldn't buy an annual subscription. The new owner Discovery is cutting way back on the number of titles on HBOmax to save money and get tax breaks. All this Discovery CEO cares about are shark week, Chip and Joanna Gaines, and probably 90 day fiancé.
I want to be able to cancel on a month to month basis if it gets too bad.
Yeah, at this point it wouldn't surprise me to see them announce that all upcoming DC Comics movies and TV shows are being cancelled, to be replaced by a new
King Shark spinoff (from
The Suicide Squad) to be released just in time for Shark Week.
However, I would still do the annual subscription in hopes that existing subscribers will get grandfathered for a better deal, at least for awhile. This would be similar to the way CBS All Access transitioned over to Paramount+. Existing CBS All Access subscribers could keep their $5.99 per month plan, which includes live-streaming the local CBS affiliate. Paramount+'s current plans are a $4.99 per month ad-supported plan (no local CBS live stream included) or you have to go all the way up to the $9.99 per month ad-free plan to get the CBS live stream. (Those prices are from a year ago when I did my free trial of Paramount+, so prices may have increased since then.) Hopefully, existing HBO Max subscribers can be similarly grandfathered, if the new merged options with Discovery+ are less than appealing.
There are still enough DC shows coming up (
Titans season 4,
Doom Patrol season 4,
Pennyworth season 3,
Peacemaker season 2, in addition to the currently-airing
Harley Quinn season 3) that I feel HBO Max may still be worth it for one more year. However, I am going into those seasons assuming that it will be the final season for every single one of those shows. I could always simply refuse to renew my annual subscription next year, if all of my shows get cancelled by that point.
This is not a case like Locast, where the entire company might be going out of business. I got burned on an annual subscription to Locast last year, and only actually got about half a year. Hopefully, HBO Max would still have
something worth streaming during the remainder of the annual subscription, which would technically be during the "five free months" as HBO is advertising the 40% discount.