NetflixThe company has stopped development of “Pearl,” the animated series that Meghan, Duchess, created. This is the latest cost-saving move after it was reported that the company had reported an increase in production costs. disappointing first quarter.

According to Netflix, this cancellation was part of strategic moves it made regarding animated series. The company told CNBC that Pearl, which was originally announced last year is just one of many projects set to go.

The streamer said it will continue its work with the Duke and Duchess of Sussex’s Archewell Productions on a number of projects. The production company signed a multiyear deal with Netflix2020: Documentaries, Docuseries and feature films will be made. 

Netflix faces increasing competition from other companies in the same space, all vying to be their customers’ attention. The company spent billions of dollars on content.

The company’s most recent quarter saw its first drop in paid users for more than 10 years and it warned that trouble was ahead. Spencer Neumann, Netflix CEO, said that Netflix was in good shape. “pulling back”It also spends money on TV and films to increase its revenue.

After Netflix’s announcement, “Pearl” was cancelled. reportedlyIt laid off unspecified numbers of workers at its entertainment website.

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