Netflix has cancelled its big-budget sci-fi drama "Sense8" after just two seasons on the streaming giant.

Netflix's VP for original content, Cindy Holland, confirmed on Thursday that the streaming service is discontinuing "Sense8," the critically acclaimed show created by Lana and Lilly Wachowski and J. Michael Straczynski. Throughout its two-season run, "Sense8" produced 23 episodes and was filmed in 16 cities in 13 countries.

"It is everything we and the fans dreamed it would be: bold, emotional, stunning, kickass and outright unforgettable," Holland said, as quoted by The Hollywood Reporter, adding, "Never has there been a more truly global show with an equally diverse and international cast and crew, which is only mirrored by the connected community of deeply passionate fans all around the world."

Even though Netflix did not go into detail as to why the show was cancelled, CEO Reed Hastings explained that the decision is based a mix of factors, which includes viewership and Netflix's subscription growth.

The "Sense8" cancellation comes a week after Netflix axed "The Get Down." Other original series that will no longer be renewed for new seasons include "Marco Polo," "Hemlock Grove," "Bloodline" and "Lilyhammer."

While Netflix has renewed a vast majority of its original programs, the decision to axe these shows follows Hasting's statement that their team aims to "take more risks" and "try more crazy things."

"[That strategy will create] some winners that are just unbelievable winners, like 13 Reasons Why," Hastings explained during an appearance on CNBC. Because of this, many speculate that Netflix may continue to cancel more shows in order to make room for newly acquired programs.

"Sense8" centered on eight strangers around the world who are psychically linked. The diverse cast includes Aml Ameen, Jamie Clayton, Doona Bae, Tina Desai, Tuppence Middleton, Max Riemelt, Miguel Angel Silvestre and Brian J. Smith. The show is one of Netflix's most high-profile productions. In 2015, the show had an estimated per-episode budget of $9 million.

The second and final season of "Sense8" premiered on Netflix in May.