The SVOD service has not officially canned the drama, which follows a group of talented youngsters in New York in 1977, but the cancellation has been widely reported.
Showrunner Baz Luhrmann yesterday wrote a lengthy Facebook post, saying his commitment to the show had affected his ability to work on a feature film.
“When I was asked to come to the center of The Get Down to help realize it, I had to defer a film directing commitment for at least two years,” he 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.”
Season one of the series, which Sony Pictures Television produces, is thought to have cost US$120 million.
Netflix has only ever cancelled five original series, with the others being Lilyhammer, Marco Polo, Hemlock Grove and Longmire.