Netflix 'cancels TV series and movies' as streaming giant reveals huge subscriber loss

manchestereveningnews.co.uk:

Several films and TV shows have been cancelled by Netflix as the streaming giant loses thousands of subscribers, it has been reported. Despite some huge hits like Squid Game and Bridgerton, Netflix revealed a shock fall in subscribers of 200,000 users in the first quarter of the year and its stock price soon dropped by more than 35 per cent.

The Mirror reports that it is the first time in a decade that Netflix's customer base has failed to grow - and thousands more subscribers are predicted to be gone by June 2022. Competition from other streaming services and the quality of the content on the platform have all been suggested as possible reasons for Netflix's current predicament.

According to The Wrap, Netflix has now pulled the plug on numerous in-development shows amid all this uncertainty. Among some of the titles which have been reportedly axed are adaptations of Jeff Smith's comic book series Bone and Lauren Faust's Toil and Trouble.

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A version of Roald Dahl's The Twits meanwhile is still going ahead in a different format as a feature, rather than an animation series. There have been changes behind the scenes too, with the Wrap also reporting that Phil Rynda, Netflix's Director of Creative Leadership and Development for Original Animation, has been let go.

It's unclear how many Netflix TV series and films are set for the chopping block. However, it seems that some of its biggest shows, such as Stranger Things, The Witcher and Squid Game, are safe for now.

The Mirror has contacted a representative for Netflix asking for comment.