Netflix has cancelled development of Pearl, an animated series created by Meghan Markle, as part of cost-cutting measures. The streaming giant announced the decision amid a sharp decline in subscribers and warnings of further losses.
Pearl, announced last year, was to be executive produced by Meghan through Archewell Productions, the company she founded with Prince Harry. The series would have followed a 12-year-old girl inspired by influential women from history.
Netflix confirmed it will continue working with Archewell Productions on other projects, including the documentary series Heart of Invictus, which focuses on athletes competing in the Invictus Games for injured veterans. The event, founded by Prince Harry, is set to take place in The Hague in 2022.
The cancellation comes after Netflix reported a loss of 200,000 subscribers in the first quarter of 2022, with expectations of two million more quitting by July. The company's market value dropped by over $50bn as analysts warned of challenges in a saturated market with rising competition from Disney and Amazon.
