Normally we reach for the bucket when we hear pay TV incumbents welcoming the arrival of a disruptive and powerful competitor when everyone knows they are actually quaking in their boots. But there is some logic in such a reaction among pay TV incumbents in the Asian countries where Netflix has just arrived to shake up markets that are often antiquated in their regulation. We are not talking so much about the richer markets like Japan, South Korea, Hong Kong and Taiwan with advanced broadband infrastructures and a more western light touch approach to regulation, with operators able to show Hollywood movies and US TV shows alongside local content with impunity. But in the key emerging markets like Vietnam, Philippines,…