Space force

Netflix cuts Meghan Markle’s Pearl, Steve Carell’s Space Force and lays off staff after financial results fall

Being a Sussex presumably confers many privileges, but Netflix ax immunity is not one of them.

So Meghan Markle found out like her animated series pearlwhich has been in development since last July, took a beating this weekend as the streaming giant began making major adjustments in response to its waning fortunes.

Meghan Markle, Duchess of Sussex, just had her first series with Netflix canceled while it was still in development.Credit:Getty Images

pearl, which was produced by Markle with Elton John’s husband David Furnish, was announced last year as one of the first fruits of the $100 million development deal signed by Archewell, the production company created by the Duke and Duchess of Sussex, with Netflix. . It was billed as “a family series centered on the adventures of a 12-year-old girl who finds inspiration in a variety of influential women throughout history.”

In a statement at the time, Markle described the story as “a journey of self-discovery” that “celebrates extraordinary women throughout history.” She added that “David Furnish and I have been looking forward to spotlighting this special series.”

Now, however, the lights have gone out pearl as Netflix reacts to disastrous first quarter results, in which it revealed it lost 200,000 subscribers worldwide, its first drop in a decade, and predicted it would lose 2 million more in the next quarter.

These results were met with a brutal market response, with the company’s share price falling more than 50% in the past month and 72% in the past year, from a high of over of US$700 per share at its current price. $190.

With many senior executives and regular company employees accepting stock options as part of their overall compensation package, these losses are more than academic.

Steve Carell, center, was earning $1 million per episode for the just-cancelled Space Force.

Steve Carell, center, was earning $1 million per episode for the just-cancelled Space Force. Credit:netflix

Netflix responded by canceling two other animated family series that were in development, Dino Daycare and South Asian-inspired adventure Benefits and curses. He also declined to take Steve Carell’s comedy space force to a third series. Costs would be a major factor there, with reports suggesting that Carell was paid $1 million per episode for the show.