When Prince Harry and Meghan Markle decided to step away from their royal responsibilities in 2020, they made waves by securing lucrative contracts with major players like Netflix, Spotify, and Penguin Random House. These agreements were initially reported to be valued at over $100 million collectively, and many anticipated the couple was just beginning a journey towards establishing a billion-dollar media empire.

However, a recent in-depth report by Variety reveals that the success of these ventures is more nuanced than it first appeared, casting doubt on the once-ambitious billion-dollar brand projection.

While Prince Harry’s book release was a notable triumph, with expectations that a sequel could achieve similar success, their relationship with Netflix seems to be faltering, and their collaboration with Spotify concluded in 2023.

This raises questions about the actual earnings from their deals with Netflix, Spotify, and Penguin Random House, as well as the output of these partnerships.

(Jackson/Chris Jackson/Getty Images)

Netflix: ~$60 Million

The flagship of Harry and Meghan’s business endeavors post-royalty was their deal with Netflix, inked in September 2020. Initial speculation hinted at a deal exceeding $100 million, but sources consulted by Variety suggest the actual figure was closer to $60 million spread over five years.

Importantly, this amount was not a straightforward lump sum. Similar to many Hollywood agreements, it was contingent upon development budgets, production expenses, and performance milestones, meaning the total payout was dependent on the successful delivery of content.

To their credit, the couple did produce one major hit. Their six-part docuseries “Harry & Meghan” became the biggest documentary debut in Netflix history at the time, generating more than 80 million hours viewed in its first few days.

But beyond that initial success, output was inconsistent. Projects like “Heart of Invictus,” “Polo,” and Meghan’s lifestyle series “With Love, Meghan” generated attention but failed to replicate the same level of cultural impact. Several planned projects, including the animated series “Pearl,” were scrapped during development.

According to Variety’s reporting, the relationship between Archewell and Netflix has cooled significantly in recent years, with the deal eventually shifting from an exclusive agreement to a more limited first-look arrangement.

Spotify: ~$15–$25 Million

In late 2020, Harry and Meghan signed a podcasting deal with Spotify, reportedly worth between $15 million and $25 million.

The deal resulted in just one major release: Meghan’s podcast “Archetypes,” which featured conversations about stereotypes faced by women. The show was well-reviewed and performed solidly, but it did not lead to a broader slate of content.

In 2023, Spotify and Archewell Audio parted ways after producing a single season. The split drew attention not just for its abruptness, but for unusually blunt criticism from Spotify executive Bill Simmons, who publicly called the couple “grifters.”

As with Netflix, the full value of the deal was likely tied to output. With only one series produced, it’s unlikely the maximum payout was ever reached.

Book Deal: ~$40 Million (With More Potential)

Prince Harry’s publishing deal with Penguin Random House has arguably been the couple’s most straightforward financial success.

The deal is widely reported to be worth around $40 million for Harry alone, covering multiple books. For “Spare,” he is believed to have received an advance of roughly $20 million, with another $20 million or so in royalties tied to the book’s massive global sales.

Those sales were historic. “Spare” became the fastest-selling nonfiction book of all time, moving more than 1.4 million copies on its first day in the U.S., U.K., and Canada.

Importantly, the publishing agreement includes additional books, meaning Harry could earn another ~$20 million if future titles are completed and perform well.

Unlike film and TV deals, book publishing offers a clearer path to actual earnings. Advances are paid upfront, and royalties scale directly with sales. In this case, “Spare” delivered on both fronts.

So… How Much Did They Actually Make?

If you take the realistic midpoints of each deal, the numbers look something like this:

• Netflix: ~$60 million (maximum potential, likely not fully realized)
• Spotify: ~$15–$25 million (likely below max payout)
• Book deal: ~$40 million (largely realized from “Spare”)

That brings the total to roughly:

• $115 million to $145 million in combined deal value when you include at least one additional $20 million book payday

And What Did They Actually Produce?

• One blockbuster docuseries: “Harry & Meghan”
• One podcast series: “Archetypes”
• One documentary series: “Heart of Invictus”
• One lifestyle series: “With Love, Meghan”
• One unscripted sports series: “Polo”
• Zero released scripted films or TV shows
• One canceled animated series: “Pearl”
• One best0selling book: “Spare”

Was that output worth $115 to $145 million? Are these the building blocks of a future billion-dollar media brand?