I've got good news and bad news for Netflix. First the bad news: the streaming service canceled the much-hyped drama series The Get Down, Deadline reports. The good news? Netflix just saved a ton of cash!

The Get Down — which followed the birth of hip-hop, breakdancing, and other street culture — came into Netflix's fold as a high-profile property given that acclaimed visionary Baz Luhrmann (Moulin Rouge, William Shakespeare's Romeo and Juliet) was behind the series, but it was met with tepid reviews, not a whole lot of chatter and a legendary price tag. The series was estimated to cost $120 million dollars for its 11-episode first season.

The series was also marred with production problems, causing a delay in the second half of the first season, which was released almost eight months after the first half.

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The cancellation marks The Get Down as a rare disaster for Netflix, which almost never cancels one of its original shows after just one season. In fact, The Get Down is the first Netflix drama to not make it to Season 2.