According to articles of recent note, Season 3 is due to be made, but it's going to aim for premiere in the fall. There's speculative rumors about Benedict Wong (Kublai) leaving the show due to the low ratings of Season 2. Even the budget that went into Season 2 was among the biggest that Netflix committed to.
Season 1's ratings were mixed to negative. While I felt that the show was a bit slow early on, it did get better in later episodes (for me, Kublai was the most watchable character, and seeing the Cricket Minister was a good second). The show really represented Asian and Middle Eastern characters quite well and put them at the forefront. While Marco is the only one from the West who is present in the show, he's no different than Titus Pullo and Lucius Vorenus in Rome or C-3PO and R2-D2 in Star Wars. It's the story based on events he is telling, his memoirs, showing us these characters.
Season 2 definitely got deeper and more exciting. There wasn't an episode where something significant wasn't happening. But has it failed to perform? No. Critic rating is trashing the show, but the fan ratings are still strong. IMDB has it at 8.1, and Metacritic grades Season 1 at 7.9 out of 460 ratings, and 7.5 out of 19 ratings.
I think a couple of things that hit the show hard are Season 1 came out December 2014, while Season 2 was July of this year. For them to move to Season 3 and aim for a Fall airing date, within the next six months, is rather tight to fulfill. It's hopeful. Even the rumors with Benedict Wong departing the show are just rumors. He's a strong element there, and his latest project (Doctor Strange) is in post-production. Until something official gets announced, either Kublai will return for Season 3 or he won't...but either way, they mean to try and get one more season out of it.
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