Netflix (Nasdaq: NFLX) canceled its highly anticipated live action, anime series "Cowboy Bepop". The series had a lot of hype coming in but it ultimately failed to please critics and most fans. Originally, "Cowboy Bepop" was a 1998 Japanese anime TV series.
For years, the project and script has circulated around Hollywood but there was a significant challenge given the visual effects and complicated storyline that would make it difficult and expensive to translate it into live action from anime. "Cowboy Bepop" missed on execution. Currently, there are many Hollywood projects in development that are supposed to be live-action remakes of popular anime comics as studios continue to bet on projects with proven IP.
Netflix has been a major disruptor in the entertainment space by using its algorithm to make content decisions. It also writes big checks to talented creators and tends to give them much more freedom than traditional tv channels and movie studios.
This is also reflected in Netflix's decision to greenlight a live action anime series given the cost of the project and then quickly cancel it. The decision to cancel the show was made 3 weeks after it release on November 19.
According to reports, Netflix's viewer data showed a sharp drop-off in people watching the show after the first week of its release. Between Nov. 19 and Dec. 9, the show had been watched for a cumulative 74 million hours. However, it was trending lower at a 50% rate with many people not completing the series which likely triggered this decision.
Another factor was likely its poor critical reception with only 46% of critics and 56% of the public on Rotten Tomatoes liking the show. Currently, Netflix has a renewal rate for scripted series that have 2 or more seasons of 60% which is in line with industry averages. So a contributing factor in the show's decision was also its cost.