Netflix proved that no name is too big for the ax when it put a pin in the planned Pearl, Prince Harry and Meghan Markle animated series.
Over the weekend, Netflix confirmed that Pearl, which was one of two confirmed productions it had agreed to direct with Harry and Meghan as part of the deal they signed in 2020, would no longer go ahead.
The pair's deal with Netflix closed in the summer of 2020 and they promised that their new production company, Archewell, would provide Netflix with a range of scripted series, docuseries, documentaries, feature films and kids' shows as part of the package.
Official figures have never been released, but reports put the couple's potential earnings from the deal in excess of $100 million.
Only two projects have been announced so far, Heart of Invictus, a documentary focusing on a series of competitors who competed in the 2022 Invictus Games. The Invictus Games is an international sporting event for wounded, injured and ill service members, whether Prince Harry founded them. in 2014. That series still won't air at the end of 2022, while Pearl, the other confirmed project, has now bitten the dust.
The move comes as Netflix continues to reel from the news that it has lost 200,000 subscribers since the start of 2022. The decline resulted in a €50 billion drop in business value and came with reports that Netflix had reassessed many of its in development. projects, and the streamer's animated projects are particularly affected. As Megan and Harry can now attest...
What was Pearl talking about?
According to Archewell's website, where details remain, Pearl vowed to follow "the heroic adventures of a 12-year-old girl inspired by influential women in history."
Markle executive produced the project, along with David Furnish, while Amanda Rynda, whose credits include DC Super Hero Girls, was hired as showrunner.
Is the deal with the Prince and Princess now in trouble?
Not according to Deadline, whose sources say Netflix is still confident that the partnership with the Duke and Duchess of Sussex will be fruitful.
Pearl was still in development, and production had yet to start. No voice casting has been announced yet. It seems likely that the cost of the series, which was over $100 million, was going up and Netflix was backing down.
Analysis: Netflix's problems continue
Pearl wasn't the only anime series Netflix released over the weekend, it also released Dino Daycare and Boons and Curses, a South Asian-inspired adventure, both in production.
Taken in isolation, Netflix's decision not to go ahead with three animated series is hardly a coup, but as part of the team-up with Meghan Markle and Prince Harry that has been announced with such fanfare in 2020, the decision is embarrassing and will attract headlines around the world, all of which will reference Netflix's current struggles.
The streaming giant is in desperate need of some good news. It also needs to stop the trickle-down strategy of canceling a different show every day, or its stock price, already hit by falling subscribers, will only go one way.