Meghan Markle's cartoon series Pearl has been canceled by Netflix.

To save money, Netflix has canceled the development of Pearl, an animated series developed by Meghan Markle.

The show, which was announced last year, is one of several projects that the streaming behemoth has canceled.

Netflix announced a dramatic drop in members last month, warning that millions more are on the verge of abandoning the service.

The company's market worth plummeted by more than $50 billion, and analysts warned it would be difficult to get back on track.

Meghan will serve as an executive producer on Pearl, according to Archewell Productions, the firm founded by the Duke and Duchess of Sussex.

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

Netflix did clarify, however, that it will continue to collaborate with Archewell Productions on a variety of projects, including a documentary series called Heart of Invictus.

The series will center on athletes competing in the Invictus Games for injured veterans, which will be held in The Hague in 2022 and was founded by Prince Harry.

A BBC request for comment was not immediately returned by Archewell Productions.

Netflix also announced that two animated children's series, Dino Daycare, Boons, and Curses, would be canceled.

Netflix announced in April that its overall number of subscribers had fallen by 200,000 in the first three months of this year, far short of its goal.

It also predicted that two million more subscribers would abandon the service in the three months leading up to July.

Some analysts worried that the company has run out of easy methods to build the business after a period of rapid expansion during the pandemic.

Consumers who are strapped for cash are cutting back on streaming services to save money, while others believe there is too much content to pick from in the face of fierce competition from companies like Disney and Amazon.