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‘The Wheel Of Time’ Canceled By Prime Video After 3 Seasons
(deadline.com)
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Similar to Netflix's approach, they most likely found that viewership drops sharply after the first 2 or 3 seasons, so more money to be made elsewhere.
But similar to Netflix, they'll find that people aren't willing to give things a chance and will associate all your original productions with crap, if you keep doing it.
Also true, but that's not what shareholders and executives care about. They just want the next quarterly profits to go up to get their payouts