Prince Harry and Meghan Markle's new deal with Netflix to provide 'hope and inspiration' could be worth as much as $150 million, industry insiders say.
The Duke and Duchess of Sussex, who recently bought a $14 million mansion in Santa Barbara, have stepped into Hollywood after ditching royal duties in March.
The couple have founded a yet-to-be-named production company which will make documentaries, feature films, scripted shows and children's programming, according to The New York Times.
The undisclosed fee to provide content to Netflix's 190 million subscribers worldwide is thought to be in the $100 million region by industry insiders and follows a similar deal by the Obamas.
In a statement, the Sussexes said: 'Our focus will be on creating content that informs but also gives hope. As new parents, making inspirational family programming is also important to us.'
Prince Harry and Meghan Markle have announced they have signed deal with Netflix. Pictured, in a video supplied on Monday July 6, 2020 by The Queen's Commonwealth Trust
The couple have founded a yet-to-be-named production company and signed a multiyear deal with Netflix, which will pay them to make documentaries, docu-series, feature films, scripted shows and children's programming
They added that Netflix's 'unprecedented reach will help us share impactful content that unlocks action.'
Their content will be exclusive to Netflix, which has 193 million subscribers worldwide.
While Harry and Meghan may appear on camera in documentary programming, the former Suits actress has previously made it clear that she has no plans to return to acting.
Ted Sarandos, Netflix's chief content officer and co-chief exec, added: 'We're incredibly proud they have chosen Netflix as their creative home and are excited about telling stories with them that can help build resilience and increase understanding for audiences everywhere.'
Rumors of Harry and Meghan seeking to gain a foothold in Hollywood have run rampant ever since the couple announced their plans to quit as senior royals, seek financial independence and move to North America in January.
Meghan's first post-Megxit job in showbiz was as a narrator of the Disney Plus docuseries Elephants, which came out in April.
The 39-year-old Los Angeles native nabbed the job after Harry bragged about her voice-over skills to Disney chairman Bob Iger at the London premiere of The Lion King live-action remake last summer.
Prince Harry and the Duchess of Sussex attend 'The Lion King' film premiere in London, July 2019
Rumors of Harry and Meghan seeking to gain a foothold in Hollywood have run rampant ever since the couple announced their plans to quit as senior royals, seek financial independence and move to North America in January. Pictured, attending the Commonwealth Day Service 2020 on March 09, 2020 in London
Her fee for the project went entirely to the Elephants Without Borders charity - an organization dedicated to conserving wildlife and helps protect the animals from poaching.
Harry followed in her footsteps by appearing in a new Netflix documentary about about the Paralympic Games called Rising Phoenix, which aired on August 26.
Last year Harry announced that he was partnering with Oprah Winfrey on on an Apple TV+ docuseries about mental health.
It's unclear whether the couple pitched their secret project to Disney, Netflix or Apple TV+.
Shortly after the Duke and Duchess announced their intention to step back from royal duty, a senior Netflix executive said the streaming giant would like to work with them.
Netflix's chief content officer Ted Sarandos said at the Screen Actors Guild Awards in January that the streaming giant would like to work with Harry and Meghan, adding: 'Who wouldn't be interested? Yes, sure.'
The decision to work with Netflix is also a move reminiscent of former President Barack Obama and his lawyer wife Michelle.
In January, sources confirmed the couple had discussed their plans with the Obamas and wanted to mimic the way they had managed to build a successful,