I'm uncertain. Microsoft isn't making any real money off of media. They sell licenses to use Outlook and rent you some computers, and there's their income.
Of course they make money that way, because Netflix and co want DRM and they don't want you to stop watching Netflix on Windows and have to do it on your phone. So they'll go and make TPMs happen.
Also, Microsoft makes a lot of money from videogames, and TPMs help enforce microtransactions in single player games if nothing else.
That's just a game of chicken neither player wants to admit. "Netflix drops Windows 11, Microsoft launches new subscription service," ain't gonna be good for Netflix.
Also, Microsoft makes a lot of money from videogames, and TPMs help enforce microtransactions in single player games if nothing else.