'Bloodline' season 3 renewed or canceled update: Series cancellation inevitable due to financial constraints?

The maiden season of Netflix's original thriller-drama "Bloodline" earned rave reviews from critics and fans alike, and while the second season didn't fare as well, viewers felt a third run was inevitable. However, it looks like cancellation looms or the series in light of financial constraints.

It appears that negotiations between Netflix and Sony Pictures Television were halted due to financial constraints on the production end. Previously, it was reported that the network was considering the show's value to the company, as season 2 failed to hit its target revenue.

According to Australia Network News, the production wasn't able to draw in considerable views and value to the streaming service. There were even reports that "Bloodline" season 2 got a low score from Metacritic, something that could make or break a potential third season.

Nevertheless, apart from performance issues, an even bigger problem loomed for "Bloodline" season 3 in the form of tax incentives. Since the series is mostly shot in the Florida Keys, it received a large tax incentive. However, the incentive is expiring this month, which is why Netflix is undecided about recommencing a third season. Filming the series minus the tax incentives would prove to be too expensive for the production.

Even the series' co-creator, Glenn Kessler, isn't sure which direction "Bloodline" season 3 is going. However, he is hoping it gets picked up for a third season or more.

"We always planned on multiple seasons. It's about the family and the relationships of those family members," he told Deadline. "Danny was always going to die, like in 'Crime and Punishment' and other stories where it happens early. 'Bloodline' is about watching these relationships evolve."

Co-creator Daniel Zelman told The Hollywood Reporter that the whole team is prepared to take the show to the fifth or sixth season, so long as Netflix gives the go-signal. He said they have already mapped out the plot of the series for the next few runs.

However, co-creator Todd A. Kessler said that unless an official word is issued forth from Netflix, they are all at a standstill.

More details will be shared as soon as new updates from Netflix and the production team of "Bloodline" season 3 are received.