Netflix cancels Meghan Markle animated series Pearl

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 a 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.