Spotify Leaves Harry and Meghan Bereft of Millions
The exclusive podcast creation agreement with Prince Harry and his wife Meghan for Spotify has been torn up. Under the terms of the deal, the couple has only produced one show, 'Archetypes,' Variety reports.
In a joint statement from Harry and Meghan's company and the streaming giant Spotify, it was stated that they had "mutually agreed to part ways".
"Spotify and Archewell Audio have agreed to part ways and are proud of the series we created together," the company stated.
The announcement was made two weeks after Spotify announced it had cut 200 jobs in its podcast division, accounting for 2% of the company's global workforce in streaming audio, as part of a "strategic realignment".
According to a source familiar with the situation, Prince Harry and Meghan Markle wanted to step away from Spotify's exclusive distribution to find a new platform for their audio projects.
Another source informed that Spotify had expected more content from Archewell Audio, noting that almost three years after the agreement was made, they had only released one series, essentially leaving the overall deal in limbo.
The premiere of Meghan Markle's 'Archetypes' show took place in August 2022 and topped the company's charts in many countries.
Spotify has confirmed that it is not renewing Meghan's Archetypes podcast, which consisted of 12 episodes from August 2022, for a second season.
The value of the contract at the end of 2020 was estimated at $25 million (£18 million).
When the couple announced their intention to step away from royal duties two years ago, they also expressed a desire to be "financially independent".
Since relocating to the United States, the couple has made several high-value deals for content production with some of the world's largest streaming services.
In particular, in December 2020, Spotify made an exclusive partnership with the Sussex's production company Archewell Audio. The press release noted that the pair would be "hosting and creating podcasts, sharing experiences, stories, and values".
"What we love about podcasting is that it reminds us all to take a moment and really listen, to connect with each other without distraction," Harry and Meghan said in a joint statement at the time.
According to the description, their podcast 'Archetypes' aimed to "explore, analyse, and dismantle labels that try to hold women back," and included Meghan's interviews with famous guests, including Serena Williams, Mariah Carey, Paris Hilton, and Trevor Noah.