Meghan Markle and her husband Prince Harry have gotten some devastating news from Netflix. Indeed, insiders are saying that their future projects seem to be stuck in limbo. This has left their first look deal with Netflix in great jeopardy.
Meghan And Harry’s Netflix Future In Question
Nearly three years ago, in August of 2023, Meghan and Harry announced that they would produce a movie based on Carley Fortune’s hit book Meet Me at the Lake. Netflix had paid around $3 million to get the rights to this novel.
Sources told Page Six that almost three years later, the project is still classed as in development, but it hasn’t got very far. The project still lacks both a director and a cast, leaving Hollywood insiders confused.
“Three years in development for a movie like this at Netflix isn’t good,” said one well-placed Hollywood source.
First look deals involve studios paying a retainer to producers in order to get first refusal on any projects they come up with. The producers then get paid more when they sell a project. It is unknown how long Meghan and Harry’s first look deal is set to last for.
Back in September, Meghan and Harry announced they were making an adaptation of Jasmine Guillory’s romantic novel, The Wedding Date. Six months later, however, that project is still classed as in development at Netflix.
“I don’t know how long this new deal is for, but if they don’t have anything to show soon, I can’t imagine it will be renewed,” said another industry source.
Meghan’s Netflix Show Canceled
Meghan had teamed up with Netflix to sell products for her lifestyle brand. The products were meant to coincide with her Netflix series With Love, Meghan. However, it was revealed in January that the show would not be returning for a third season amidst abysmal ratings. Indeed, Netflix seemingly pulled the plug on the series after it was panned by critics and fans alike.
After season two of With Love, Meghan flopped in August, Netflix took action. The streaming service downgraded Meghan and Harry’s deal from their $100 million contract. Instead, Netflix gave them their far more modest first look deal.
Meghan and Harry had signed their $100 million Netflix contract back in 2020 after they stepped down as senior royals. While they initially found success with their docuseries Harry & Meghan, which they used to shamelessly bash the royals, years of flops followed when it came to their Netflix projects.
Meghan And Harry’s Netflix Downgrade
On August 11, Netflix announced that it will not be renewing Meghan and Harry’s $100 million contract. Instead, Netflix has given them a “multi-year, first look deal for film and television projects.” This “downgrade” is the same one that Netflix gave to Barack and Michelle Obama.
“In practice, it is a downgrade from the 2020 overall deal that birthed Harry & Meghan, Polo and With Love, Meghan, among other projects,” The Hollywood Reporter reported.
“The overall-to-first-look extension mirrors the move Netflix made recently with the Obamas — as well as others — for their Higher Ground banner,” the publication continued. “In both cases, the exclusivity carried by their respective, splashy original deals has been removed.”
While Meghan has tried to spin this in a positive light, experts have emphatically stated that it’s a major downgrade.
“They have shot the golden goose of 2020. More of a ‘we’ll call you’ than ‘here’s the checkbook,'” leading publicist Mark Borkowski told Daily Mail. “It’s a first-look deal, which means Netflix gets first dibs but no obligation to bankroll every semi-royal whim.”
“I reckon Netflix is trimming fat industry-wide, so this is less carte blanche, more curated cameo,” he added. “They’re still in business together. Meghan’s As ever brand and seasonal specials keep them in the Netflix shop window. But make no mistake, this is a slimmed-down sequel to the blockbuster original. So Harry and Meghan’s new Netflix chapter is less champagne budget, more Prosecco by the glass.”
In the end, it seems that Meghan and Harry’s days with Netflix are likely numbered. Only time will tell how much longer Netflix thinks it’s worth keeping these two around!