Streaming giant Netflix just announced they are pulling the plug on Marvel's "Iron Fist." Netflix first made the announcement on Friday to The Hollywood Reporter. They confirmed that the show would not return for a third season. Iron Fist was the fourth New York superhero following "Daredevil", "Jessica Jones" and "Luke Cage." Polygon has confirmed that Netflix intends to have Iron Fist pop up across the Netflix Marvel world.

Netflix released a statement thanking the cast, crew, and showrunners, while also saying the show would not be coming back.

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They also thanked the Marvel Television fans for watching the two seasons.

Iron Fist started poorly but picked up steam with season 2

Season one did not receive much of a warm reception. The Hollywood Reporter said it was Marvel and Netflix's first big disaster.

It was criticized and marred by controversy. However, season two appeared to be a boost for the show, as it garnered much praise for strengthening the plot and adding in more action. Sacha Dhawan's villain character Davos was a major highlight for many of the show's fans.

Netflix has not publicly explained their decision behind cancelling "Iron Fist." However, many insiders believe it was just not performing up to the standards set by other Marvel Television shows like "Luke Cage" and "Daredevil." The show ended up getting criticized for casting a Caucasian rather than an Asian-American actor as Iron Fist, despite the character being described as a blond Caucasian in the comics.

Netflix facing off against the upcoming Disney streaming platform

Netflix's decision comes as Netflix is set to face off against Marvel for streaming dominance.

Marvel's parent company, Disney, is on track to release their streaming service, which will offer a massive library of new and old Disney TV Shows. There'll be movies as well as original series such as the much anticipated Star Wars spinoff "The Mandalorian" and the planned Marvel shows featuring Loki and Scarlett Witch [VIDEO]. The Hollywood Reporter said that the current Netflix-Marvel shows will continue until they reach a logical conclusion.

While Danny Rand may not have a show, he and his alter ego are expected to appear in other shows. It's possible he could need the services of Daredevil or even the advice of Luke Cage. He could also end up cornered by Frank Castle himself. Marvel Television has the power to place him in any show they choose. However, we will no longer get "Iron Fist" solo adventures.

This marks the first small screen series termination by Marvel Television and a strong blow for Finn Jones and Jessica Henwick. Cast and crew only found out about the cancellation a few days ago.