- Netflix has canceled development on "Pearl," an animated series created by Meghan, Duchess of Sussex.
- The streamer said it will continue its work with Prince Harry and Meghan's Archewell Productions on a number of projects.
- It marks the latest cost-saving moves after the company reported a disappointing first quarter.
The cancellation is part of strategic decisions Netflix is making around animated series, the company told CNBC. "Pearl," which was announced last year, is among several projects to be dropped.
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 Netflix in 2020 to make documentaries, docuseries, feature films, scripted shows and children's programming.
Netflix has faced pressure as more competitors enter the space and vie for users' time. With that, the company has spent billions on its content.
In its most recent quarter, the company reported its first decline in paid users in more than a decade and warned of trouble ahead. Netflix CFO Spencer Neumann said the company was "pulling back" some of its spending on films and TV shows to help revenue growth.
The cancellation of "Pearl" comes after Netflix reportedly laid off an undisclosed number of employees at its entertainment site.