Netflix has decided to shelve another original show, "Sense8," after two seasons. It did not come much as a surprise after weeks of speculations, but it was still heartbreaking for fans. The streaming giant did not disclose the exact reason for the cancellation, but it might have something to do with company founder and CEO Reed Hastings wanting to "take more risk" with its content.

Goodbye, 'Sense8'

There had been speculations about the cancellation of "Sense8" for weeks due to lack of renewal announcement for Season 3. On Wednesday, Netflix's VP of original content, Cindy Holland, confirmed that the sci-fi drama has indeed been axed.

She wrote in the statement, "After 23 episodes, 16 cities and 13 countries, the story of the Sense8 cluster is coming to an end." The statement did not indicate the specific reasons for the cancellation, but instead, it gave praises to the series, saying that it is a global show that demonstrated equality and diversity around the world. This made people wonder why the show has been canceled in the first place.

Is Netflix trying to cut losses?

According to The Verge, Netflix looks aggressive in cutting its losses from shows that do not turn out to be a big hit among viewers. "Sense8" has an estimated budget of $9 million per episode in Season 2. Speaking at the Code Conference in Rancho Palos Verdes, California, Hastings told CNBC that because the company's hit ratio is currently way too high, they need to have an overall higher cancellation rate.

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That's why he said he is constantly pushing his content team to take more risk and do more crazy things.

The cancellation of "Sense8" comes a week after Netflix pulled the plug on its expensive musical drama, "The Get Down," which only had one season. It had an estimated budget of $120 million for Season 1. Netflix has also canceled "Marco Polo," "Lilyhammer," "Hemlock Grove," "Bloodline" and "Longmire."

"Sense8" was created by Lana and Lilly Wachowski and J. Michael Straczynski. Its cast members included Daryl Hannah, Aml Ameen, Doona Bae, Jamie Clayton, Tina Desai, Tuppence Middleton, Max Riemelt, Miguel Angel Silvestre and Brian J. Smith. The story followed eight strangers from around the world who find themselves connected through their thoughts and actions. They embarked on a journey of finding out what happened and why, while an organization is hunting them down to destroy them.

Fans expressed their desire to save the show by posting on social media with the hashtag #RenewSense8 prior to Netflix's announcement.