Spotify recently terminated its $20 million contract with Meghan Markle and Prince Harry after the couple failed to consistently produce podcast content, leaving them facing a financial predicament. The streaming giant’s decision to cancel the deal led to an outburst from Bill Simmons, the head of Spotify’s international sports content, who referred to the couple as “lazy” and labeled them as “f–king grifters” on his own podcast. This criticism further exacerbated the couple’s troubles, with sources comparing their work ethic unfavorably to the Obamas, who also had a partnership with Spotify.
The collapse of the podcasting agreement has put significant financial strain on the Sussexes, considering their extravagant lifestyle in Montecito, California. The couple’s lavish Tuscan-style estate, purchased for $14.7 million in June 2020, carries a substantial mortgage, in addition to hefty annual property taxes amounting to $144,427. Moreover, they must cover the costs of staffing and maintenance. Without the financial backing from Spotify, the couple faces the challenge of sustaining their Archewell company and managing their exorbitant expenses.
Insiders have emphasized that despite the setback, the Sussexes are not financially destitute; however, they will need to continue spending their savings rather than accumulating wealth. The comparison to the Obamas becomes stark when considering the former first couple’s track record of successful podcast productions, which ultimately led to a non-renewal of their Spotify deal.
Markle and Prince Harry’s agreement with Spotify, inked in 2020, yielded only 13 hours of programming over two and a half years, including 12 episodes of Markle’s “Archetypes” podcast and a one-off holiday special. As a result, their compensation will fall far short of the initially anticipated amount.
The mounting bills for their Montecito residence, where they are raising their children Archie and Lilibet, coupled with the expenses of their security detail and ongoing legal battles against the British press, underscore the urgency for the couple to generate substantial income.
While the Spotify setback may seem like a significant blow, Markle sees it as an opportunity for a fresh start. As an entrepreneur at heart, she aims to follow in the footsteps of Gwyneth Paltrow’s Goop and establish her own business. Furthermore, Markle aspires to become the face of a luxury brand akin to Cartier.
Amidst the challenges, Markle’s circle of friends notes her characteristic silence before major announcements, hinting at potential future endeavors. The Sussexes have other sources of income and continue to work with financial advisors and business managers to navigate their financial landscape.
Despite the recent setbacks, industry insiders speculate that Markle’s newly acquired super-agent, Ari Emanuel, CEO of William Morris Endeavor, could potentially steer the couple’s Hollywood ambitions in the right direction. Their association with Netflix remains intact, with the highly anticipated release of their docu-series “Heart of Invictus” slated for August, just before the Invictus Games in Germany.
While their journey in America continues, PR experts advise the couple to reflect on their recent challenges and leverage the lessons learned from their setbacks. Failure is a natural part of life, and it does not define one’s worth or potential. Therefore, it is crucial to seek constructive feedback and surround oneself with trusted advisors who can provide honest perspectives.
In this fast-paced celebrity landscape, the Sussexes are urged to develop new strategies to captivate audiences and sustain their relevance. Their ability to adapt, reinvent themselves, and deliver compelling content will determine their long-term success in their Hollywood endeavors.
