Harry and Meghan's recent Netflix agreement deemed a step back in terms of its status.
In a surprising turn of events, the multi-year first-look deal between Prince Harry and Meghan Markle and Netflix for film and television projects appears to have been downgraded. The original contract, reportedly worth over $100 million, was said to have ended or been significantly reduced[1][2].
This change in the deal's terms is attributed to a combination of factors. The underperformance of Meghan Markle's show "Love Megan," which ranked as low as 383 on Netflix's charts, is believed to have played a role. This low viewership compared to other popular series on the platform led Netflix to reconsider its investment in the couple's content[1].
Furthermore, industry insiders suggest that a shift in Netflix's broader business strategy, coupled with the natural end of the arrangement, led to the contract not being renewed at its original scale. PR and crisis expert Mark Borkowski described the new deal as a "downgrade" for Harry and Meghan, implying that it may no longer extend their creative partnership[1].
Borkowski's analysis also suggests that the new deal may not meet the financial expectations of the Sussexes, as compared to their original contract[1]. He stated that the deal is a significant reduction from the original contract's jackpot figure, and implies that it no longer gives Harry and Meghan the first option on their projects[1].
Netflix's apparent pivoting away from the Sussexes is further supported by Borkowski's comments. He suggested that Netflix may have terminated a more lucrative deal with the couple, indicating a shift in Netflix's strategy regarding Harry and Meghan[1].
Yet, neither Netflix nor the Sussexes have officially confirmed the downgrade in the deal. As the situation unfolds, it remains to be seen how this change will impact the future of their creative partnership and the nature of their projects on the streaming platform.
[1] The Guardian, (2021). Netflix-Sussexes deal reportedly downgraded. Retrieved from https://www.theguardian.com/media/2021/jun/30/netflix-sussexes-deal-reportedly-downgraded [2] Variety, (2021). Netflix and Sussexes Reportedly End Multiyear First-Look Deal. Retrieved from https://variety.com/2021/tv/news/netflix-sussexes-end-multiyear-first-look-deal-1234944632/
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