Meghan and Harry announced that they were working to become “financially independent” and would take a “step back” from the Firm in 2019. The Duke and Duchess of Sussex then stepped down completely from royal duties in 2020, and have established new careers.
Under their Archewell Foundation commercial division, the pair signed lucrative deals with streaming services Netflix and Spotify.
Meghan and Harry announced their deal with Netflix in September 2020 and their partnership saw the couple create a variety of content for the company.
They aim to produce documentaries, documentaries, feature films, script shows and children’s programs, all of which aim to be “inspirational,” the couple said in September 2020.
One of the first projects the pair will announce is a documentary about the competitors involved in The Invictus Games, which is currently underway in the Netherlands.
Also in the works is an animated series with working title ‘Pearl’ which describes “the adventures of a 12 year old girl who finds inspiration in various influential women throughout history”.
However, hopes for the success of their project may be dashed as the company has been hit hard as households across the country cancel their streaming subscriptions.
Streaming services, including Netflix and Disney+, have faced the impact of families realigning priorities as they continue to grapple with the rising cost of living.
Recent figures from market research firm Kantar show more than 1.5 million video-on-demand accounts were deleted in the first three months of 2022.
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He went on to note that a report from a media consulting firm highlighted that 38 percent more people plan to cancel their services to save money going forward.
UK Sales Merchant at Saxo Markets added that this significant drop in users suggests that streaming services like Netflix and Amazon Prime are lower on the priority list for those adjusting to new financial factors.
He said: “The battle to prioritize spending continues for consumers as the cost of living grows with inflation hitting a 30-year high of 7% and oil/gas prices driving up energy and gasoline bills.
“Streaming services are rapidly falling down the pecking order and the negative earnings from Netflix today could be an indicator that proponents of this entertainment, such as Amazon Prime and Disney+, may struggle to prove their worth in the future.”
Meghan and Harry arrived in the Netherlands last weekend to attend the Invictus Games and were both filmed by a crew from Netflix.
While exact details of the deal have not been disclosed, some reports suggest that it could be worth in excess of $100m (£72m).
A film crew follows the Duke and Duchess of Sussex as they meet a wounded military veteran and hitch a ride in a mini Land Rover on the first day of the Olympics.
The Invictus Games was where the Sussexes made their first public appearance together nearly five years ago.
Meghan and Harry attended the opening ceremony of the Invictus Games in Toronto, in September 2017, although the two were seated about 18 seats apart.
This year’s Olympics, taking place in The Hague, marked the couple’s first public return to Europe since stepping down from royal duties.