Prince Harry And Meghan To Suffer 'Huge Loss Of Revenue' As $100M Netflix Deal Will Not Be Renewed
At the same time, Netflix gained significant viewership from its debut docuseries, but recent projects have underperformed.
Meghan is now focused on expanding her lifestyle brand, As Ever, following the successful launch of her rosé. Despite the deal's end, Season 2 of "With Love, Meghan" is set to premiere this fall on Netflix.
Prince Harry And Meghan Markle's Netflix Deal Won't Be Renewed
Harry and Meghan's multi-million-pound deal with Netflix is coming to a close, with reports suggesting the streaming giant will not renew the contract when it expires this September.
Although no formal statement is expected from either party, insiders claim the decision to part ways was mutual. Behind the scenes, Netflix executives have quietly decided it's time to move on.
The Sussexes originally signed a reported $100 million agreement with Netflix, leading to the successful launch of their documentary series, one of the platform's most talked-about releases.
According to The Sun, a source close to the situation, "Netflix was clever in that they got a hell of a lot of viewers for the first documentary series, and knew, realistically, it would prove the zenith of content from the Montecito pair."
Things definitely slowed down for the duo as one of Harry's latest projects, 'Polo,' reportedly drew just half a million viewers, failing to make a strong impact. Meanwhile, Meghan has been focusing on her new lifestyle brand, As Ever.
"The deal is done; no more shows will be made. Netflix feel they've got all they can from the couple," the source said. "They're not unhappy with how things turned out — they got those initial hits, and produced one of the most talked-about shows of all time. The content got weaker from there on, but, frankly, for £20million a year, anything was better than nothing."
Harry and Meghan's Netflix Exit Reportedly Amicable, But Will Be A Huge 'Loss Of Revenue' For The Royals
While viewership has declined and the Sussexes' priorities have shifted, sources say the separation from Netflix is amicable.
"There's no animosity from either side," the source said. "Things have just run their course. Netflix execs are well aware Meghan's priority now is her own brand, and they won't play second fiddle to that."
"Publicly, there will not be a statement, and of course, if things change dramatically, they'd be open to a one-off project down the line," they added.
Still, the end of the lucrative deal reportedly hits Harry harder, with the source noting that "it's a huge loss of revenue" for the couple.
Could The Royal Couple Move To Paramount+?
Despite the end of the contract, Netflix CEO Ted Sarandos reportedly remains on friendly terms with the Duchess of Sussex.
Meanwhile, streaming rival Paramount+ is reportedly interested in collaborating with the Montecito-based royals, especially after their partially successful deal with rival company Netflix.
According to reports, the duke and duchess would consider new opportunities, provided the right concept comes along.
It's also been revealed that Netflix signed a deal with King Charles and actor, Idris Elba for a documentary. As reported by The Sun, the deal with the British monarch may have faced a roadblock if the streaming giant had remained in business with Harry and Meghan by renewing their contract.
Season 2 of 'With Love, Meghan' Set To Premiere on Netflix This Fall Despite End of $100M Deal
Despite the $100 million deal ending, the curtain hasn't completely closed on Harry and Meghan's relationship with Netflix.
A second season of Meghan's lifestyle series "With Love, Meghan" has already been filmed and is set to premiere on the platform this fall.
Although a specific release date hasn't been announced, the Duchess of Sussex previously teased the upcoming season with an ASMR-inspired montage posted to Instagram. The video featured cozy scenes from the kitchen and behind-the-scenes moments from the upcoming episodes.
"If you're loving Season 1, just wait until you see the fun we cooked up on Season 2!" Meghan wrote in the caption. "Thanks for joining the party, and an endless thanks to the amazing team and crew who helped bring it all to life! @netflix."
Michael Steed is returning to direct the second season, with model and cookbook author Chrissy Teigen announced as the first confirmed guest star.
Meghan Markle Expands Lifestyle Brand, As Ever, Pauses Podcast To Focus On Growth
Meanwhile, Meghan is reportedly doubling down on her lifestyle venture, As Ever, following the successful sell-out of her debut rosé wine.
According to those close to her, the Duchess of Sussex is eager to expand the brand and is already preparing to launch a champagne line, along with a selection of holiday-themed products.
"As a growing business, As ever is continuing to explore growth opportunities that feel aligned with the brand's core values and quality standards," a source shared, per Page Six. "The brand continues to evolve with new products that align with her vision for quality lifestyle goods at accessible price points."
Last month, Meghan confirmed that she was taking a pause on her podcast focused on female founders, citing her desire to fully focus on the brand. She made the announcement during an appearance on Skims co-founder Emma Grede's Aspire podcast.
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