According to the streaming giant, some tough decisions were made in light of the coronavirus pandemic.
"We've made the difficult decision not to move forward with second seasons of The Society and I Am Not Okay With This," Netflix said.
They went on to explain: "We're disappointed to have to make these decisions due to circumstances created by COVID, and we are grateful to these creators, including: "Jonathan Entwistle, Christy Hall, Shawn Levy, Dan Levine, Dan Cohen and Josh Barry at 23 Laps Entertainment for I Am Not Okay With This.
"Chris Keyser, Marc Webb and Pavlina Hatoupis for The Society; and all the writers, casts and crews who worked tirelessly to make these shows for our members around the world."
The Society had been officially renewed by Netflix last July, but The Hollywood Reporter adds how scripts hadn't yet been finalised.
Although I Am Not Okay With This hadn't officially been renewed for a second outing, it was believed scripts had been penned and a resolution to the show's cliffhanger was imminent.
Meanwhile, star of The Society, Katheryn Newton and her colleagues have taken to social media to share their thoughts on the news.
Newton shared an image of a Zoom call with her fellow cast members with the caption: "I am proud".
Fairly soon after that, #SaveTheSociety started trending on Twitter.
Harry actor, Alex Fitzalan commented on the news as well by sharing some picture from filming on social media.
He wrote on Instagram: "Very sad news this morning. Not sure what to say right now but I wanted to share some pics of my time on set for season one of The Society. Love you all."