New Netflix deal worth less for Prince Harry, Meghan than previous agreement

Meghan Markle and Prince Harry proudly announced they will continue to develop film and TV projects for Netflix but on more limited terms, the streaming giant announced Monday.

According to a report by AFP, Meghan said, "We´re proud to extend our partnership with Netflix and expand our work together to include the ´As ever´ brand,", referring to her recently re-branded line of lifestyle products including rose wine and apricot spreads.

The California-based royal couple have worked with Netflix since 2020, producing documentary "Harry & Meghan" and lifestyle series "With Love, Meghan."

The With Love, Meghan showcased the Duchess of Sussex as a thriving domestic maven, hosting guests, harvesting honey and mixing bath salts against an idyllic California backdrop.

It has been extended for a second season, and a holiday special due in December, Netflix said.

But while the pair´s previous Netflix deal bought the streamer exclusive rights to their output, the new multi-year agreement is a "first look deal"

In Hollywood parlance, this means Netflix has the right to say yes or no to a project before Harry and Meghan´s media company Archewell Productions can shop it around other studios.

Typically, first-look deals are less lucrative than exclusive deals, though they also provide producers with more flexibility.

The New York Times reported Monday that the new deal is worth less for Harry and Meghan than the previous agreement, citing a person familiar with the terms, as per AFP.