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 has founded a yet-to-be-named production company that will make documentaries, feature films, scripted shows, and children's programming according to The New York Times.
The undisclosed deal to provide exclusive content to Netflix's 190 million subscribers worldwide is worth $150 million, insiders told Deadline, and it 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.'
They added that Netflix's 'unprecedented reach will help us share impactful content that unlocks action.'
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.
Traders will be keenly watching Netflix's share price after Spotify is said to have experienced a 'Joe Rogan boom' since it secured exclusive rights to the hosts' wildly popular podcast show.
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.'
Rumours 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.
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 the Paralympic Games called Rising Phoenix, which aired on August 26.
Last year Harry announced that he was partnering with Oprah Winfrey on an Apple TV+ docuseries about mental health.