Youtube's content pipeline is free (for them - people willingly give the content to youtube!)
Netflix's content pipeline is hella expensive, due to their being boycotted by major content owners (like disney).
So i would imagine that youtube's revenue model is more efficient and thus generate a higher return than netflix's.
YouTube pays something like 55% of its revenue to creators which is effectively its cost of content.
> which is effectively its cost of content.
only if that video generated sufficient revenue to pay out - which is quite a high bar. But the long tail of content is what draws people onto youtube as a platform - so youtube derive a benefit from this long tail content that they do not pay for.
However, the long tail for netflix won't have this advantage at all (because even niche shows with low audience will cost money to produce).
Not to mention that netflix has to pay upfront for their content. Where as youtube only pays _after_ the content has had ads displayed that generated revenue.