Prince Harry and Meghan Markle signed a $150 million deal with Netflix to provide 'hope and inspiration' content through their unnamed production company.
The New York Times reported that the Duke and Duchess of Sussex have founded a production company that will create feature films, scripted shows, documentaries, and children's programming. The company, which still has no name, would provide Netflix with exclusive content.
ROTORUA, NEW ZEALAND - OCTOBER 31: Prince Harry, Duke of Sussex and Meghan, Duchess of Sussex visit Redwoods Tree Walk on October 31, 2018 in Rotorua, New Zealand. The Duke and Duchess of Sussex are on the final day of their official 16-day Autumn tour visiting cities in Australia, Fiji, Tonga and New Zealand.
The deal is worth $150 million as reported by Deadline, which follows a similar agreement made by the Obamas.
"Our focus will be on creating content that informs but also gives hope," the couple said in a statement. They added that they aim to create inspirational family programming, which is also important to them as new parents.
Netflix's 190 million subscribers could help them reach a wider audience and "share impactful content that unlocks action."
The couple recently bought a $14 million mansion in Santa Barbara after dropping royal duties in March. Rumors of Harry and Meghan seeking Hollywood careers have increased after they quit their senior royal roles and transfer to North America.
WINDSOR, UNITED KINGDOM - MAY 19: Duchess of Sussex and Prince Harry, Duke of Sussex wave as they leave Windsor Castle after their wedding to attend an evening reception at Frogmore House, hosted by the Prince of Wales on May 19, 2018 in Windsor, England.
However, Meghan has previously clarified that she has no plans to return to acting, despite appearing in-camera with her husband for documentaries. Her first job in Hollywood was a narrator for Disney Plus docuseries Elephants, which came out in April. She gave all talent fees for the project to the wildlife conservation charity Elephants Without Borders, which helps protect the animals from poaching.
Meanwhile, Harry followed in her footsteps by appearing in a new Netflix documentary Rising Phoenix, which is about the Paralympic Games. It premiered on August 26.
In 2019, Harry announced his partnership with Oprah Winfrey on a mental health docuseries for Apple TV+.
Read also: Watch Stranger Things, Bird Box, Two Popes For Free on Netflix!
Netflix: The royals' creative home
Netflix's chief content officer and co-chief exec Ted Sarandos said they were incredibly proud that the Duke and Duchess of Sussex chose Netflix to be "their creative home" amid stronger competitions with Disney and Apple TV+.
"[We] are excited about telling stories with them that can help build resilience and increase understanding for audiences everywhere," Sarandos said.
Prince Harry and Meghan Markle signs a $150 million deal with Netflix
Netflix immediately aired its interest to work with the couple shortly after they left their royal duties. "Who wouldn't be interested? Yes, sure," Sarandos said during the Screen Actors Guild Awards in January.
The Sussexes' Netflix deal follows that of former President Barack Obama and wife Michelle as there were rumors that the younger couple talked with the Obamas about how they built a successful life after leaving the White House.
In June, the royal couple signed with New York-based Harry Walker Agency, which represents the Obamas and the Clintons. Since then, experts estimate that the Sussexes could earn much from public speaking at about $500,000 for each appearance.
Meanwhile, a public relations expert told DailyMail.com that the couple will be the 'highest-paid speakers in the corporate market. 5W Public Relations CEO Ronn Torossian said in February that the couple may have earned about $1 million during their JP Morgan summit speaking engagement in Miami.
Netflix stocks: Traders watching share price boom after the deal
After Spotify experienced a 'Joe Rogan boom' since the streaming company secured exclusive rights to the popular podcast show. On September 2, Netflix stocks rose 5% as its current buy point of $575.47.
It currently ranks sixth on the IBD's list for top-performing growth stocks. Whether Netflix would experience the same boom as Spotify's remains to be seen.
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Written by CJ Robles
