After recording a sharp fall in the number of subscribers within the first quarter of 2022, live streaming giant Netflix is cancelling production of some shows in a cost-cutting manoeuvre.
Among them is Meghan Markle’s animated series dubbed Pearl, that was centred on the adventures of a 12-year old girl who is inspired by influential women from history.
The series was a creation of Archwell Productions, the company formed by Meghan and her husband Prince Harry, Duke of Sussex.
Netflix however said it will continue to work on a number of projects with the production house. One of the projects is a documentary series dubbed Heart of Invictus, a series based on athletes competing in the Invictus Games for injured veterans. The event was founded by Prince Harry, with the inaugural competition taking place in April 2020.
Netflix has experienced challenging times attributed to competition, a hike in its subscription fees and a decline in the number and quality of shows its library. The number of subscribers dropping the service is expected to hit two million by the end of Q2,2022. The loss of subscribers has so far seen the company shed $50bn off its market value, according to BBC market value
The period season saw the company record a period of accelerated growth, but there was no sustainable strategy to keep it going. Disney, Amazon and Apple ad other players have also significantly devoured into the company’s market share.