Meghan Markle and Prince Harry’s recent Netflix agreement has been termed a ‘downgrade’ by experts, indicating a shift from an open cheque option to a more selective approach.
The duo secured a new ‘multi-year, first-look deal for their film and television projects’ with Netflix. However, this arrangement is reportedly less lucrative than their previous deal.
This ‘first-look’ agreement grants Netflix the privilege to be the first to approve or reject any new projects, choosing where to invest accordingly.
PR specialist Mark Borkowski labeled the agreement a ‘downgrade’, asserting that it significantly falls short of the substantial figure initially secured in their 2020 contract.
He explained to the Daily Mail, ‘Netflix has skillfully distanced itself from these costly partners who didn’t quite deliver, transitioning to a more modest deal.’
‘This isn’t a gradual separation—it’s a downgrade. Netflix isn’t willing to risk such large budgets again. They are effectively saying, “Show us what you have to offer, and we’ll decide from there”.’
He believes the pair will be paid for each production selected by Netflix rather than receiving an overall fee, such as the reported $100million of their first deal.
‘I would be surprised if it’s not pay-as-you-go and it’s well, well below that first mark,’ he added.
Prince Harry and Meghan at the ESPY Awards at Dolby Theatre in Hollywood in July 2024
The Duchess of Sussex in her Netflix series With Love, Meghan which came out in March
The couple’s new output will include a second season of the Duchess’s ‘With Love, Meghan’ lifestyle show later this month, as well as a Christmas special in December.
The Sussexes are also working on ‘Masaka Kids, A Rhythm Within’ – a documentary about orphaned children in Uganda, where the ‘shadows of the HIV/Aids crisis linger’.
There is also ‘active development’ on other projects with Netflix which ‘span a variety of content genres’, including an adaptation of romantic novel Meet Me At The Lake.
But Mr Borkowski said the couple will not be granted the same budget as they were under their previous contract with the streaming service.
‘They have shot the golden goose of 2020 – more of a “we’ll call you” than “here’s the chequebook”,’ he said.
‘It’s a first-look deal, which means Netflix gets first dibs but no obligation to bankroll every semi-royal whim.
‘I reckon Netflix is trimming fat industry-wide, so this is less carte blanche, more curated cameo.
‘They’re still in business together – Meghan’s. As ever brand and seasonal specials keep them in the Netflix shop window but make no mistake, this is a slimmed-down sequel to the blockbuster original. So Harry and Meghan’s new Netflix chapter [is] less champagne budget, more Prosecco by the glass.’
The couple’s new output will include a second season of the Duchess’s ‘With Love, Meghan’ lifestyle show later this month, as well as a Christmas special in December
Netflix has already released the first series of With Love, Meghan as well as Polo, Heart of Invictus, Live to Lead and the couple’s bombshell documentary Harry & Meghan as well as being a business partner on Meghan’s lifestyle brand, As Ever.
Five years ago, Harry and Meghan secured a lucrative contract thought to be worth $100million (£74million) with Netflix after quitting as senior working royals in 2020.
The renewed deal was described by the Sussexes – who made the announcement with Netflix – as ‘extending their creative partnership’ through Archewell Productions.
But the new terms are understood to be worth less for Harry and Meghan than their previous contract, according to a person familiar with the deal, and represent Netflix loosening its ties with the couple.
In a statement, Meghan said: ‘We’re proud to extend our partnership with Netflix and expand our work together to include the As Ever brand.’
Netflix chief content officer Bela Bajaria said: ‘We’re excited to continue our partnership.’
