"Everyone at Marvel Television and Netflix is proud of the series and grateful for all of the hard work from our incredible cast, crew and showrunners," the statement from Marvel and Netflix continued. "We're thankful to the fans who have watched these two seasons, and for the partnership we've shared on this series. While the series on Netflix has ended, the immortal Iron Fist will live on."
Iron Fist starred Finn Jones as Danny Rand, the son of billionaire parents who were killed in a plane crash. Danny was also presumed dead, but was raised by monks and became the Immortal Iron Fist.
The first season began with his return home and his attempt to take his family's company back. The series co-starred Jessica Henwick as Colleen Wing.
Season one was panned by critics, but the second season earned a much better reception. All 10 episodes were released on Sept. 7 and featured Alice Eve as the villain Typhoid Mary.
Marvel TV studio chief Jeph Loeb could not say what the chances were for an Iron First season three last month, saying the decision rests with Netflix.
"Speak to our friends at Netflix. Unlike the movie studio, which can announce a Captain Marvel movie will be out in 2019, the television studio will always be beholden to our networks, and so if our networks want another season of Iron Fist, we're ready to go. We're just waiting for the answer," Loeb said. "The show's been out of a week."
Iron Fist was part of Marvel's New York City-based Netflix universe, which also includes Daredevil, Luke Cage, Jessica Jones, The Punisher and The Defenders. The shows also include subtle references to the Marvel Cinematic Universe films.
The move comes as Disney is preparing to launch its own streaming platform, which could be the home of more Marvel TV shows. One project rumored to be in the pipeline is a series starring Tom Hiddleston and Elizabeth Olsen as their MCU characters Loki and the Scarlet Witch.
Although Disney is not expected to make more shows for Netflix, the third season of Daredevil debuts on Oct. 19. A second season of The Punisher is also in development and a fourth season of Daredevil could still happen.