Prince Harry and his wife, who have separated from the British royal family, recently succeeded in renegotiating their contract with Netflix despite poor ratings.
On the 11th (local time), The New York Times (NYT) reported that Prince Harry and his wife signed a new contract with Netflix on that day.
The contract amount was not disclosed; however, it was reported to be lower than the $100 million (about 138 billion won) amount known from the initial contract signed in 2020.
In the first contract, Netflix required exclusive distribution rights for all content produced by the couple, but this time they secured only the right to review content before competitors, giving up exclusive rights.
This means that if Netflix determines that the content lacks commercial viability, they are not obligated to invest, reflecting the fact that the content planned by Prince Harry and his wife has not achieved significant success recently.
Earlier, Netflix recorded 23.4 million views just four days after releasing the six-part documentary 'Harry & Meghan' about Harry and Meghan in 2022, achieving commercial success. The work included various anecdotes such as the racism experienced by Meghan Markle.
However, the subsequent three documentaries produced did not receive the same level of attention as the previous work. Additionally, contrary to the initial plans, there were no realized projects produced that directly featured Prince Harry and his wife. The animation 'Pearl', planned by Meghan for production in 2022, also fell through due to budget issues.
However, 'With Love, Meghan', which premiered in March, recorded higher ratings than Netflix's other cooking programs. Meghan noted in a press release, "I am happy to extend our partnership with Netflix."