Netflix cancels Meghan Markle’s animated series
Streaming giant Netflix has canceled an animated series being developed by Meghan Markle, the Duchess of Sussex, in a recent swing of moves made amid disappointing subscriber numbers.
Deadline reported on Sunday that Markle’s animated series “Pearl” was one of several programs that were dropped by the streaming service due to recent cutbacks.
The series centers around the adventures of a 12-year-girl who interacts with female historical figures. It was was introduced in 2020 through Archewell Productions, which was launched by Markle and her husband, Prince Harry.
The Royal couple’s venture inked a multiyear agreement with Netflix in 2020 to produce films, documentaries and shows for the streaming service, NBC News reported.
The streaming service saw a drop of 200,000 subscribers in the first quarter of 2022, which lead to its stock dropping by 23 percent, erasing $30 billion in value.
Netflix, which also recently laid off several staff members from its journalism venture Tulum, said it would also pull back on spending for TV shows and films.
“We’re pulling back on some of our spend growth across both content and noncontent spend,” CFO Spencer Neumann said in an interview last month, according to NBC.
“We’re trying to be smart about it and prudent in terms of pulling back on some of that spend growth to reflect the realities of the revenue growth of the business,” he added.
The Hill has reached out to Netflix for comment.