The thing is that disney, hbo, etc have other businesses to alleviate that cost, and largely even if they spend, say 30 M per project, they have other ways of getting that back, and they can use their services to supplement those businesses.
Encanto made more money after being on D+, it did ok before that, but it became a HIT after, theyre now banking on toys, clothes, music, and can make it an attraction at disneyland if they like. That's the difference
You can say that but overlook the fact that Disney cut projects and businesses during the pandemic to focus more on Disney+. For all the projects that Disney has, the streaming service and everything encompassing it takes up the majority of their money and resources.
Once again, I don’t think you realize just how expensive a streaming service is to own and operate even for a company with bread like Disney. They have the same problems that Netflix does in needing insane amount of subscriber numbers to justify the costs.
They’re more alike than a lot of people are willing to admit.