Someone tell Netflix that canceling popular shows isn't the way to bring back audiences.

Just weeks after confirming that it's bleeding subscribers, the streaming giant has canceled one of its most notable shows, Space Force, after two seasons. The workplace comedy show, which starred Steve Carrell, John Malkovich, and Ben Schwartz, premiered in May 2020 and enjoyed a relatively successful second-season run last February. Although the show has received mixed reviews overall, it's a hit among audiences and is a constant source of entertainment as well as memes over the internet.

Unfortunately, it appears that Netflix doesn't see a future with Space Force in its library, as per Deadline.

Netflix hasn't hit rock bottom yet, but it's definitely on its way there. Netflix revealed that its first subscriber loss in 10 years is just the start as it's staring at losing potentially millions more by the second quarter. The news resulted in a significant drop in the value of Netflix's shares, prompting management to cancel many shows in a presumed attempt to cut costs and tighten belts to prepare for worse times.

For what it's worth, Netflix scripted originals very rarely make it past a second season. The streamer doesn't use traditional viewership data to measure the merits of renewing a show for future seasons, instead using budgets and mysterious internal metrics.

Judging by Space Force's relatively stacked cast, Netflix must have deemed it too pricey for the relatively small viewership it was pulling in.

In addition to Space Force, Netflix has canceled a handful of animated shows as well as other scripted originals like Pretty Smart and Raising Dion. Most likely, these cancelations are just the first in a long line of projects that Netflix is currently deliberating and weighing if they're worth keeping or not.

As Netflix struggles to maintain its lead, its competition isn't losing sleep at all. Disney+, in particular, has a relatively heavy slate of Star Wars and Marvel Studios shows coming in the next few months, headlined by the likes of Obi-Wan Kenobi and Ms. Marvel. With a cheaper ad-filled alternative on its way, Disney+ will be more than happy to capitalize on Netflix's current and ongoing woes.