The premise that Netflix is acting with mallace could be false or true. If that premise is stated and false, then the argument is valid yet unsound because it has a false premise. Valid meaning, the conclusion would follow from the premises if all of them were true.
If you remove discussion of the mechanism from the argument, so that it reads like the arguments stated in the first and second paragraphs, then the argument is invalid because the conclusion does not follow from the premises. That's what a fallacy is.
The premise that Netflix is acting with mallace could be false or true. If that premise is stated and false, then the argument is valid yet unsound because it has a false premise. Valid meaning, the conclusion would follow from the premises if all of them were true.
If you remove discussion of the mechanism from the argument, so that it reads like the arguments stated in the first and second paragraphs, then the argument is invalid because the conclusion does not follow from the premises. That's what a fallacy is.