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Netflix has canceled the OA after its second season, in spite of the show's hardcore fanbase. What is the reason behind this?

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According to this:

Unfortunately for the show’s small but devoted fanbase, Netflix recently canceled The OA after two seasons. Science fiction writer Anthony Ha was disappointed but not surprised, given recent trends at Netflix.

“They had a really bad quarterly earnings report, and subscriber growth is not going the way they want it to, so they had a number of cancellations around the same time,” he says.

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