If you happened to take a stroll through Walmart on Black Friday, and wondered how Roku or Vizio can make any money on a 43-inch smart TV selling for $94, ponder no more.

These companies, which each make TVOS platforms and the hardware they run on, are losing money on every set they sell, according to Omdia’s chief consumer electronics analyst.

“The business model is shifting away from making money on TV sets and instead to making money on ads and data that is delivered by those TV sets,” said Paul Gray, at last week’s HbbTV Symposium in London. (The event was covered by Broadband TV News.)