Netflix is expanding its push into mobile gaming.
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Netflix canceled development of “Pearl,” an animated series created by Meghan, Duchess of Sussex, marking the latest cost-saving moves after the company reported disappointing first quarter.
The cancellations are part of strategic decisions Netflix is making regarding the animated series, the company told CNBC. “Pearl,” announced last year, was among several projects scrapped.
Streamer said it will continue its work with the Duke and Duchess of Sussex’s Archewell Productions on a number of projects. Production company signed a multi-year deal with Netflix 2020 makes documentaries, documentaries, feature films, script programs and children’s programs.
Netflix has faced pressure as more and more competitors enter the space and jostle for users’ time. With that, the company has spent billions of dollars on its content.
In its most recent quarter, the company reported its first drop in paying users in more than a decade and warned of troubles to come. Netflix CFO Spencer Neumann said the company has “pull back” some spending on movies and TV shows to help grow revenue.
“Pearl” Cancellation Comes After Netflix reported laid off a number of employees undisclosed at its entertainment website.
