Th3 Core

As long as growth is valued without significant profits their stock can keep ramping up in value just like Netflix.

It would be hard for them to transition into a higher-margin business model so long as they are so heavily dependent on the record labels & have to have transparent books for those labels & investors. To do that either they'd need to build new business lines or be hidden within another larger company.

One of the big advantages of YouTube being a part of Google is Google has been able to claim the service was unprofitable or run at break even (in an attempt to minimize damages on copyright lawsuits while claiming they are doing public good & hold partner revenue share at 55% vs the standard 68% on AdSense or higher for big ad partners) while having significant profit margins that were not required to be reported in a broken out manner.

Or Amazon.

Aren't a lot of their losses from growing in international markets?

In the domestic market they have to be killing it as over half the goods sold on their site are now from third party merchants who pay some combination of payment processing, fulfillment & ad costs.
https://www.statista.com/statistics/259782/third-party-seller-share-of-amazon-platform/
That dominance of inventory-risk-free 3rd party sales sort of makes them the super-affiliate of all super-affiliates.