Although it operates in the vast landscape of the world wide web, Netflix is still accountable to the old rules of TV broadcasting: if a show doesn't bring in enough eyeballs, it's got to go.

The streaming giant, which is notoriously mum on viewership data, announced it has cancelled cult series Sense8, with CEO Reed Hastings hinting that more cancellations were to come.

The series, a sci-fi drama from The Matrix filmmakers the Wachowskis, had been widely praised across its two seasons for its depiction of queer characters and diverse subjects.

While reports cited the second season's burgeoning budget, an estimated $US9 million per episode, as a contributing factor, Netflix didn't offer a reason for the chop, instead issuing a statement praising the show as "everything we dreamed it would be: bold, emotional, stunning, kick ass, and outright unforgettable."