The Netflix series The Get Down has been cancelled after just one two-part season, according to Variety, with director Baz Luhrmann taking to Facebook to describe an exclusivity deal that became a “sticking point” for Netflix and Sony Pictures Television, precluding him from working on a new film project.

The show – an extravagant US$120m retelling of the founding of hip-hop, executive produced by Grandmaster Flash and narrated by the rapper Nas – was plagued by a revolving door of crew and beset by a series of delays. By the time it premiered in August 2017, to a polarised critical reception, it had become the most expensive series in Netflix’s history; but when part two debuted in April, the buzz had largely died down.

The Get Down was the Australian director’s first foray into television, after box office hits including Romeo + Juliet, Moulin Rouge and The Great Gatsby. In a post published to Facebook, Luhrmann said he had already deferred a film directing commitment for “at least two years” for the Netflix show and, when asked to pick between TV and film, the latter won out.

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“The simple truth is, I make movies,” he wrote.

Netflix have declined to comment on the cancellation and Sony Pictures has been approached for comment. While Luhrmann did not confirm The Get Down had been cancelled, he said it was “unlikely” the series would go back into production in the immediate future.

“When I was asked to come to the centre of The Get Down to help realise it, I had to defer a film directing commitment for at least two years,” Luhrmann wrote. “This exclusivity has understandably become a sticking point for Netflix and Sony, who have been tremendous partners and supporters of the show. It kills me that I can’t split myself into two and make myself available to both productions.

“The simple truth is, I make movies. And the thing with movies is, that when you direct them, there can be nothing else in your life. Since The Get Down stopped, I have actually been spending the last few months preparing my new cinematic work.”

In his post, Luhrmann paid homage to the cast, crew and “the godfathers of hip-hop”. He also hinted at a potential stage show. (“Can you imagine that? I can, concert version anyone? Next summer? Just saying.”)

“All of us in The Get Down family have been touched by this precious mission of telling the prehistory of a form of culture that would go on to change not only the city, but the world.”