Netflix has canceled development of ‘Pearl’, an animated series created by Meghan, Duchess of Sussex, marking the latest cost-cutting measures after the company reported a disappointing first quarter.
The cancellation is part of the strategic decisions Netflix makes regarding anime series, the company told CNBC. “Pearl,” which was announced last year, is among several projects to be dropped.
The streamer said he will continue working with the Duke and Duchess of Sussex’s Archewell Productions on a number of projects. The production company signed a multi-year deal with Netflix in 2020 to make documentaries, docuseries, feature films, scripted shows and children’s shows.
Netflix has come under pressure as more competitors enter the space and compete for user time. With that, the company has spent billions on its content.
During its latest quarter, the company reported its first drop in paid users in more than a decade and warned of problems ahead. Netflix Chief Financial Officer Spencer Neumann said the company is “reducing” some of its spending on movies and TV shows to help drive revenue growth.
The cancellation of ‘Pearl’ comes after Netflix reportedly laid off an undisclosed number of employees at its entertainment site.
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