‘Threw away $100M’ Netflix continue to wield axe after scrapping Meghan Markle’s project

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NETFLIX is continuing to wield the axe in California after scrapping Meghan Markle’s upcoming project. The streaming giant has announced that it has laid off 150 members of staff, as a result of falling revenue. This comes after Netflix slashed Meghan, Duchess of Sussex’s project, Pearl. Writing on Twitter, one social media user claimed that the platform “threw away $100M”, referring to their multi-million dollar deal with the Sussexes.

 

 

User @SussexitSuccess wrote: “Netflix: ‘Dear employees, we’re sorry about the Prince Harry—Meghan Markle s*** show.”‘We threw away $100M because unbeknownst to us, the VP of New Talent turned out to be a delusional member of the #SussexSquad.'” Another user, @CiciTee1, claimed: “Harry and Meghan Markle are bad luck and Netflix wasted 50-100 million”.

 

 
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They added: “Cancel Netflix”.Netflix’s cutbacks come just one month after it said it was losing subscribers for the first time in a decade.The streaming platform lost 200,000 subscribers in the first three months of the year.The redundancies, which account for around 2 percent of its North American workforce, will primarily affect staff in its California office.

 

 

The streaming platform said the cutbacks were a result of a drop in revenue.In a statement, it said: “These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues.”

 

 

The Duchess of Sussex was set to be an executive producer on Pearl, a feminist cartoon about a young girl learning about influential women throughout history.Royal expert Richard Fitzwilliams said the cutbacks would be a “blow” to Sussexes.

 

 
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Speaking to the MailOnline, he said: “The serious financial situation for Netflix, which has seen its shares plummet and which has announced radical changes to its content, is reflected in the decision to cancel Meghan’s animated TV series Pearl.”This will be a blow to the Sussexes and the question obviously is, what do Netflix want from the royal couple now?

 

 

“Harry’s Heart of Invictus series will be due out soon, but the circa $100million deal with a company is huge and they will need a return on their investment.”The company that boasted a deal with the Sussexes and the success of The Crown is now being forced to make drastic cutbacks and changes to its output.

 

 

“It may well pressurise the Sussexes, who have an internationally known brand, to produce more, quickly.”Pearl was announced last Summer, with Meghan saying: “Like many girls her age, our heroine Pearl is on a journey of self-discovery as she tries to overcome life’s daily challenges.

 

 
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“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.”

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