After reports that Netflix suffered a large stock drop, it has been announced that the streaming giant has cancelled development of Pearl, an animated series created by Meghan Markle through Archewell Productions, in its move to cut costs. The feature was going to be the first animated series produced by Markle and Prince Harry's banner.

According to Deadline, Netflix has quietly dropped Pearl, the working title of an animated series that was created by Meghan Markle through Archewell Productions, the shingle the Duchess of Sussex and Prince Harry set up at Netflix in fall of 2020 to create scripted series, docu-series, documentaries, features and children’s programming. Pearl, which Markle exec produced with David Furnish, was announced with fanfare last summer, described as a family series that centers on the adventures of a 12-year-old girl who finds inspiration in a variety of influential women throughout 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,” Markle said at that 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.”

Per the report, Netflix scratched two other kids animated series last week that were in production, Dino Daycare from Ada Twist, Scientist executive producer Chris Nee, and the South Asian-inspired adventure Boons and Curses. Netflix did, however, confirm that it will continue to work on a number of projects with Archewell Productions, including a documentary series called Heart of Invictus. The series will focus on athletes competing in the Invictus Games for injured veterans, an event founded by Prince Harry, in The Hague in 2022.

Last month, Netflix revealed its total number of users had dropped by 200,000 from January to March, and warned about two million more were likely to cancel subscriptions by July. Some analysts warned that, after a period of very strong expansion during the pandemic, the company had run out of easy ways to grow the business. Netflix is now reworking its model with motto of becoming quality over quantity streamer.

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