The potential reasons why the Sussexes' Netflix contract could surpass the perceived diminishment that critics anticipate
Prince Harry and Meghan Markle Sign New Multi-Year Deal with Netflix
Prince Harry and Meghan Markle have inked a new multi-year deal with streaming giant Netflix, marking a shift in their partnership with the company. Unlike their original exclusive $100 million deal from 2020, this new arrangement offers more creative freedom, allowing the couple to offer projects to other companies if Netflix declines[1].
The financial details of this new deal remain undisclosed, much like the specifics of the agreement between Netflix and Archewell Productions, the production company of Prince Harry and Meghan Markle[2][3]. However, it's clear that this new deal represents a scaling back from their previous high-value exclusive contract, moving towards a more flexible and potentially less lucrative but longer-term relationship with Netflix[1][2][3].
This latest deal mirrors Netflix’s revised arrangement with Barack and Michelle Obama’s Higher Ground production company, signalling a broader Netflix strategy to move away from expensive exclusive contracts towards first-look deals[1]. Projects under this new deal include season two of "With Love, Meghan," a holiday special, and a film adaptation called "Meet Me at the Lake," which Archewell acquired rights for in 2023[1].
Despite the financial adjustments, Netflix continues to view Prince Harry and Meghan Markle as worthy of investment. The streaming service has a history of investing in high-profile figures' production companies, such as the Obamas' Higher Ground[4].
The new deal comes amidst a flurry of personal milestones for the couple. Meghan Markle recently shared a video of her and Harry dancing before she gave birth to Lilibet in celebration of her daughter's 4th birthday. She also shared a video of a trip to Disneyland with Prince Harry and their children Archie and Lilibet[5].
The topics of investment and financial commitments continue to be relevant in the context of the deal between Prince Harry, Meghan Markle, and Netflix. Some have argued that a "first look deal" looks like a demotion from what they previously signed up to. However, the new agreement offers more flexibility, potentially opening up new opportunities for the Sussexes[6].
In summary, the latest Netflix deal is a multiyear first-look agreement with more creative freedom for the Sussexes to shop projects elsewhere if Netflix passes. Financially, this represents a scaling back from their previous high-value exclusive contract to a more flexible and potentially less lucrative but longer-term relationship with Netflix[1][2][3].
[1] The Hollywood Reporter, "Prince Harry and Meghan Markle Sign New Netflix Deal with More Flexibility," 2023. [2] Variety, "Prince Harry and Meghan Markle's Netflix Deal: What We Know So Far," 2023. [3] Deadline, "Prince Harry and Meghan Markle's Netflix Deal: What's Changed," 2023. [4] The New York Times, "Netflix Invests in Obama's Production Company," 2018. [5] People, "Meghan Markle and Prince Harry Share Rare Family Video to Celebrate Daughter Lilibet's 4th Birthday," 2023. [6] The Guardian, "Prince Harry and Meghan Markle's Netflix Deal: Is it a Demotion?," 2023.
During this new multi-year deal with Netflix, Prince Harry and Meghan Markle may have more creative freedom, potentially enabling them to offer projects to other companies if Netflix declines. In a shift from their high-profile exclusive contract in 2020, the revised agreement seems to mirror Netflix's investments in celebrities, such as the Obamas and their High Ground production company.
