Streaming platform Netflix has scrapped plans to move forward with Meghan Markle’s family animated series “Pearl.”
Archewell Productions, the company formed by Markle and her husband, Prince Harry, announced last year that Markle would be executive producing the series, which centers on the adventures of a 12-year-old girl who is inspired by influential women from history.
“Like many girls her age, our heroine Pearl is on a journey of self-discovery as she tries to overcome life’s daily challenges,” the production company declared at the time. “I’m thrilled that Archewell Productions, partnered with the powerhouse platform of Netflix and these incredible producers, will together bring you this new animated series, which celebrates extraordinary women throughout history. David Furnish and I have been eager to bring this special series to light, and I am delighted we are able to announce it today.”
Netflix reported a loss of 200,000 subscribers in the first quarter. Once the platform dominated the streaming world, but it has faced fierce competition from other platforms. It has also increased the price of subscription, which could have led to the exodus.
The company has been forced to lay off 25 marketing staffers. Despite the layoff, the company will still spend as much as $18 billion on content in 2022.
Speaking to Insider, a showrunner thinks the show’s shift in content is to blame.
“I miss the days when Netflix executives had passion projects — projects they nurtured and fought for as much as any creator — and they could make that case and follow that passion,” one showrunner said.
According to Bloomberg, Netflix has declined more than 60% so far this year. Netflix is not the only streaming platform to suffer.
Comcast lost 512,000 video subscribers alone last quarter and Disney’s share price is down 28% this year. Youtube is also reportedly losing subscribers to TikTok.
Netflix will continue its work with the Duke and Duchess of Sussex’s Archewell Productions on a number of projects after signing a multiyear deal with Netflix in 2020.