Netflix cancels Meghan Markle animated series 'Pearl'

Netflix has cancelled development of "Pearl," an animated series created by Meghan Markle, the latest in a series of cost-saving moves.

The show, which was announced last year, is one of several projects being dropped by the streaming giant.

Last month, Netflix revealed a sharp fall in subscribers and warned millions more are set to quit the service.

That wiped over $50bn off the company's market value as experts warned it faced a struggle to get back on track.

Archewell Productions, the company formed by the Duke and Duchess of Sussex, announced last year that she would be an executive producer of "Pearl".

The series was planned to centre on the adventures of a 12-year-old girl, who is inspired by influential women from history.

However, Netflix confirmed that it would continue to work on a number of projects with Archewell Productions, including previously the announced documentary series "Heart of Invictus".

The series will focus on athletes competing in the Invictus Games for injured veterans in The Hague in 2022.

Archewell Productions did not immediately respond to a BBC request for comment.

Netflix also said that it had decided not to move forward with two animated children's series "Dino Daycare" and "Boons and Curses."

In April, Netflix said its total number of subscribers had dropped by 200,000 in the first three months of this year, falling well short of its target.

It also warned that some two million more users were likely to quit the service in the three months to July.

Some analysts warned that, after period of very strong expansion during the pandemic, the company had run out of easy ways to grow the business.

Squeezed consumers are cutting back on streaming services to save money, while some feel there is too much content to choose from amid an avalanche of competition from rivals such as Disney and Amazon.