Netflix cancels Meghan Markle’s ‘Pearl’ series amid cuts

Netflix It has canceled development of the animated series ‘Pearl’ created by Meghan, Duchess of Sussex, marking its latest cost-savings move after the company reported a… Disappointing first quarter.

The company told CNBC that the cancellation is part of the strategic decisions Netflix is ​​making around the animated series. Project Pearl, which was announced last year, is among several that will be dropped.

The tape said he will continue his work with Archewell Productions for the Duke and Duchess of Sussex on a number of projects. production company Signed a multi-year deal with Netflix In 2020 to produce documentaries, documentaries, feature films, script shows and children’s programmes.

Netflix has faced pressure as more competitors enter the space and compete for users’ time. With that, the company has spent billions on its content.

In its most recent quarter, the company reported its first drop in paid users in more than a decade and warned of problems ahead. Spencer Newman, Netflix’s chief financial officer, said the company was “backing down” Some of its spending is on movies and TV shows to help grow revenue.

The cancellation of ‘Pearl’ comes after Netflix It said She has laid off an unknown number of employees at her entertainment site.

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