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Netflix cancels multiple in-development shows amid subscribers loss and market

TOP entertainment streaming giant, Netflix has pulled the plug on several in-development shows. This is due to their recent decline in their market value and subscribers loss.

It was reported that Netflix lost a whopping $54 billion in market value with its stock price going down over 35% after losing 200,000 subscribers.

According to The Wrap, the streaming giant’s animation department has been hit hardest by the issues currently plaguing them. In-house animated projects including an adaptation of Roald Dahl’s The Twits, a highly-anticipated animated series based on Jeff Smith’s beloved comic book series Bone, Lauren Faust’s Toil and Trouble, were cancelled by the company.

Netflix’s Director of Creative Leadership and Development for Original Animation, Phil Rynda and many of his staff was let go earlier this week.

Netflix seems to be trying to tackle their financial instability by cancelling multiple in-development shows. It is not yet clear how many TV series and films would be chopped.

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