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Netflix canceled the animation project Pearl, which was announced last year and was led by Duchess of Sussex Meghan Markle as a measure to cut costs in the face of the loss of subscribers experienced by the platform.
According to Deadline, Pearl is one of the first victims of the new policy of the Los Gatos company to tighten its belt.
The project was announced in July last year and was from the production company of the Duke and Duchess of Sussex, Archewell Productions.
The animated series was to focus on the heroic adventures of a 12-year-old girl who was inspired by influential women in history.
Markle was to act as executive producer alongside David Furnish, who was already involved in projects such as Rocketman or Gnomeo & Juliet.
Last April 19, Netflix published its quarterly results, in which it revealed the loss of 200,000 subscribers between January and March of this year, and its stock market value plummeted.
Netflix currently has 222 million subscribers to its streaming service worldwide, but as competition increases, its ability to attract new customers is declining, as in 2021 it recorded the lowest growth in the last three years.
Thus, in the forecasts for the next quarter, it has lowered its expectations and anticipates the loss of more than 2 million subscribers.
To adjust to this new reality, there are several analysts who expect Netflix to stop mass-producing series as it had been doing to date and become much more conscious of each expense.