Harry and Meghan saved by Netflix, but new deal may feel like a punch to the gut

Last month it seemed as though Prince Harry and Meghan Markle were done for. Their Netflix deal, a major source of income for the couple, had fallen through after numerous failed projects, but despite this it seems that the streaming giant is still happy to work with them in some capacity.

Back in 2020 the Sussexes signed a deal with Netflix that was reportedly worth $100 million. The deal would see Harry and Meghan’s filmmaking studio, Archewell Productions, to exclusively produce scripted series, documentaries, and specials for the streaming platform. Of course, things didn’t exactly go according to plan for the Sussexes as they failed to provide Netflix with the kind of popular shows the executives were likely hoping for.

With such an expensive investment it’s likely that the head honchos in the Netflix office were hoping for projects that would really wow audiences. Instead they got Polo and With Love, Meghan (although to be fair, Meghan’s cooking show didn’t perform too badly). So it should come as no surprise to hear that the pricey deal would not be renewed, but that doesn’t mean the Sussexes are done with their former partner.

The details of Harry and Meghan’s new Netflix deal

Luckily for the royal couple, Netflix has extended them an olive branch in the form of a new, if slightly less glamorous, deal. Archewell Productions reportedly signed the new deal with the streaming giant on Monday which would see the two parties continuing to work together for the foreseeable future.

The agreement is known as a “first-look deal” according to The New York Times. It’s a type of deal similar to what Barack and Michelle Obama signed with the platform last year. Essentially it means that Netflix can choose to pass on or accept any new film, TV show, or other such project before anyone else. In other words it gets first dibs, but can also say no.

While this deal means Harry and Meghan will still get some investment from Netflix it will be a whole lot less than they were probably hoping for, especially when compared to their massive $100 million deal from five years ago. In fact, it might feel like an outright an outright punch to the gut but on the bright side, it does free them up somewhat to explore other avenues and find new partners for projects that Netflix says no to.

It’s better than nothing

While it may still be a blow, this new deal will allow the Sussexes to continue making TV shows while potentially having an income. It’s not necessarily a poor reflection on Harry and Meghan’s past projects either as it seems Netflix is adopting this approach with many of its partners, regardless of the quality of their output.

As already mentioned, the Obamas recently signed a first-look deal with the streaming platform despite the fact their documentary American Factory won an Academy Award and they produced the hit Leave the World Behind, one of Netflix’s biggest recent films. Harry and Meghan are in the same boat as a lot of other filmmakers, perhaps this will motivate them to up their game, or maybe it won’t, only time will tell.