Prince Harry and Meghan's Netflix deal shrinks
Why it matters: The new deal comes as their public profile as media moguls has fluctuated with mixed response on their shows.
Zoom in: The previous deal from 2020 gave Netflix the exclusive rights to content from Archewell Productions, the couple's company.
The new deal is a multi-year, first look agreement, meaning Netflix gets early access to Archewell's projects but isn't obligated to fund them. Archewell can then shop them elsewhere.
Upcoming projects include season two and a holiday special of "With Love, Meghan" and a documentary short called "Masaka Kids, A Rhythm Within."
Catch up quick: Harry and Meghan launched Archewell Productions and signed the Netflix deal just six months after they left their official roles with the British royal family. A few months later, they signed an exclusive content deal with Spotify.
The Spotify deal ended in 2023 and only included one series, Meghan's interview podcast called "Archetypes."
Yes, but: While the Sussexes' media ventures have faced scrutiny, Meghan's commerce play has found traction. Products from her lifestyle brand "As Ever," launched in partnership with Netflix, sold out within an hour.
Meghan as a product tastemaker appears to be resonating more than traditional media work.
Her embrace of lighter and commerce-forward content, instead of progressive politics and activism, comes as that narrative has dulled and shifted in the post-pandemic Trump era and as consumers gravitate toward escapism and self-care.
The big picture: The era of celebrity-backed production companies dominating the streaming wars is changing.
As streaming companies become more frugal, celebrity storytelling no longer guarantees success. SpringHill, the media company co-founded by LeBron James, has been bleeding money, per Bloomberg. Higher Ground, the Obamas' production company, also transitioned to a first-look deal with Netflix last year.
Streamers are choosing to spend big on sports rights. On Monday, Paramount announced it acquired the U.S. rights to Ultimate Fighting Championship. Netflix and ESPN both struck billion-dollar deals with the WWE.
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