Philo, a small skinny-bundle TV streaming service, is offering $5 off if you refer a friend to sign up. That may not seem like much of a discount, but it makes the cheapest live-TV streaming service even cheaper -- and there's no limit to how many $5 discounts you can stack up. 

Launched in November, Philo, the latest virtual TV services to emerge in the last three years, is also the cheapest and most niche. Most of its competitors -- like AT&T's DirecTV Now, Google's YouTube TV, Dish's Sling TV or Sony's PlayStation Vue -- offer wider collections of channels at costs starting at $20 to $40 a month. To keep its price low, Philo scorns live sports channels, like ESPN, that are the most expensive programming in a consumer's cable bill. Philo offers a seriously skinny bundle of cable TV networks like AMC and Discovery at the cheapest price available, $16 a month.  

Philo CEO Andrew McCollum posted a note to Reddit Wednesday announcing that the service would offer $5 discounts off one month's bill for both you and the friend you refer with a custom referral link or code. Philo isn't limiting how many monthly $5 discounts you can accumulate if you keep referring new subscribers. Philo also offers a free trial for seven days.