Netflix has canceled an animated series created by Meghan Markle as it takes cost-saving steps after disappointing first-quarter results.
The TV-streaming giant confirmed in an email on Monday that it was not It precedes the Duchess of Sussex’s Pearl, which was announced in July last year.
The cancellation is “part of the strategic decisions Netflix is making around animated series,” the company said, adding that it will scrap other children’s series like ‘Dino Daycare’ and ‘Boons and Curses’.
Markle and her husband, Britain’s Prince Harry, signed a deal to produce content for the streaming platform after they had given up royal duties in the UK.
The Californian couple founded a production company called Archewell Productions, named after their son Archie.
Pearl was to be about a 12-year-old girl who that inspires i st of historical female figures.
In 2020, Harry and Meghan announced that they would be creating a documentary series about the Invictus Games for wounded soldiers, which Prince Harry has long championed.
Netflix said Archewell Productions “remains a valued partner and we continue to work together on a number of projects, including the upcoming documentary series Heart of Invictus.”
Last month, Netflix announced for the first time in ten years a drop in subscriber numbers, which caused its share price to plummet.
The Silicon Valley-based tech firm said it ended the first quarter of this year with 221.6 million subscribers, down about 200,000 users over the last quarter of last year.
Netflix blamed the suspension of its service for the quarter-on-quarter erosion in Russia due to the Moscow In vasion in Ukraine.
Disney showed earlier this year that it is bridging the gap to market leader Netflix in America’s TV streaming wars.