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.