The same argument applies to DRM and piracy. DRM only disadvantages people who want to consume content legally. Only one person has to bypass it (be it through cryptographic or software failings or the good old fashioned analog hole ala telesync) then upload the resulting unencumbered media file to a piracy site. As a result, it's not just cheaper, but also easier and more reliable to steal media than it is to buy it…
Drm is not targeted at the hardcore pirate, it's targeted at a potentially larger percentage of people who would be tempted to get the thing for free if it was easy. Drm may be circumventable, but any complex set of steps for doing so is enough to deter that target audience.
spotify and netflix are both prime examples of making it easier for a larger population to access drm enabled content compared to pirated content (at the time they started getting popular anyway).
with the advent of streaming services you no longer needed to download potentially dodgy files to your computer (viruses/malware), wait for the download to finish, realise they’re a dodgy video cam recording of the cinema screening, download another one etc.
napster/limewire et. al were originally examples for the opposite case. pirating via those was super popular. there were fewer steps to access the media compared to going to a physical shop to buy a CD/DVD. (*)
(*) i can’t remember when the itunes store came along. might have been after these services? or around the same-ish time?