It seems strange to be reporting that Netflix only onboarded a mere 1.5 million global net subscribers during the second quarter, and even stranger to learn that 433,000 domestic subscribers cancelled their Netflix subscriptions – which is a Q2 2021 subs loss similar in size to AT&T’s. This has never happened before. It suggests a dramatic paradigm shift for Netflix from head honcho at the video streaming royalty table to a seat in cattle class next to the withering pay TV businesses. Of course, that is not what is happening here. As Faultline has reiterated throughout the past 18 months, Covid-19 has skewed everything, and we have long warned that a post-pandemic slump would be a naturally occurring phenomenon after…