I'm not sure anyone has access to the real data, but I've had a suspicion that Netflix is able to remain a lot more profitable due to their superior tech. Cloud hosting and streaming (not to mention labor) can get very expensive, and I think while it's easier to set up nowadays (in comparison to when they started) a lot of the other companies are burning cash to try to keep up. HBO Max (just Max now?) has always had poor streaming quality compared to netflix and I imagine they're paying a lot more for it.
Surely that has more to do with having a fleet of edge nodes that mirror content close to consumers? There are only so many ways to ship video bytes across the internet. Best way to save money is to move fewer bytes.
