Currently only Netflix is profitable, e.g. Disney lost more than a billion on Disney+. Not sure how they can keep this up if people keep moving to piracy.
The money has just been siphoned away to a tax haven somewhere through overpaying for e.g. renting a property or licensing some IP. The money wasn't really "lost", it was just not taxed.
I know Hollywood Accounting is a thing for movie production, but I haven't heard any evidence that it's being used for streaming services.
If nothing else, I'd expect a risk of this being treated as securities fraud if streaming service P&L is broken out in public-company reports.
[0]: https://gizmodo.com/disney-streaming-cuts-tax-writeoffs-1850...
Hollywood accounting applies to individual titles.
It doesn't apply to entire services - why would you tell your shareholders that you are making a loss to depress the stock price?