Netflix has canceled development on “Pearl,” an animated series created by Meghan, Duchess of Sussex, marking the latest cost-saving moves after the company reported a disappointing first quarter.
The cancellation is part of strategic decisions Netflix is making around animated series, the company told CNBC. “Pearl,” which was announced last year, is among several projects to be dropped.
Netflix has faced pressure as more competitors enter the space and vie for users’ time. With that, the company has spent billions on its content.
In its most recent quarter, the company reported its first decline in paid users in more than a decade and warned of trouble ahead. Netflix CFO Spencer Neumann said the company was “pulling back” some of its spending on films and TV shows to help revenue growth.