Seven months following their announcement of a multi-year deal with Netflix, it has been revealed that Harry and Meghan will be releasing their first docuseries called Heart of Invictus on the platform.
“Now the decision not to return to their positions as working members of the Royal family has been made, the need for a steady income as private individuals will mean it’s down to business for Meghan and Harry.” – Salman Haqqi, personal finance expert at money.co.uk
The couple is rumoured to be earning between £71m to £106m from this deal (according to Forbes), but what other streams of revenue are available for them in the future?
One money expert company has provided an insights as to how the ex-royal couple could rake in the cash they are no longer earning from the family.
“Maximising their celebrity to further causes close to their hearts, as well as increasing their commercial earnings to support their growing family, will be a focus for the couple as they continue building their new lives in California.” – Salman Haqqi, personal finance expert at money.co.uk
Some of the ways they could look to bring in the cash include ‘social media’.
The couple currently has 10.3 million followers on their joint account, @sussexroyal, and if they chose to cooperate in brand deals their earnings could reach in excess of $34,000 (£24,000) per post. And although this seems like a lot, if they worked together by creating separate social media accounts, the number of followers they could obtain is likely to be astronomical. The increase of followers could easily be turned into a money-making machine.
At the moment, the posts made on the account are often impersonal and do seem organised by their social media managers. But if they chose to interact with their followers and increase their personal brands online, the growth could be huge.
Kylie Jenner has a whopping 224 million Instagram followers. She is raking in an estimated $742,000 (£535,000) per sponsored post, so there is certainly potential for Harry and Meghan to increase their income through a social media revenue stream.
Or there is ‘commercial partnership’. As they are not returning to the royal family, their income is likely to plummet – leaving them to their own devices. Another way the couple could boost their income is through brand partnerships.
Product endorsements, similar to those seen on Instagram, are often about money, with the celebrities involved not taking too much control. Whereas commercial partnerships can often be a different story, leading to rewarding relationships and new ventures for the couple.
One example of a successful commercial partnership is Michael Jordan and Nike. Since 1984, the sportswear giant is estimated to have paid Jordan $1.3billion (£927m) throughout their deal. Nike continues to release new ranges of the Jordan shoe, with the items often selling out – showing the demand is clearly still there.
Whether it be a beauty range, clothing line, gaming series, or food partnership, if Harry and Meghan chose to partner with a brand, their potential earnings would be seriously impressive.
Or how about the good old fashioned ‘book deals’. With constant curiosity looming about the couple, the public would be more than willing to splash some cash on a tell-all book.
Meghan’s New York Times article was shared by thousands of journalists and read by millions across the globe, so evidently there is a huge market of people interested in the pair, which opens up the potential for a best-selling book.
In 2017, Barack and Michelle Obama signed a deal with Penguin Random House which, at the time, was said to have been sold for more than $60million (£42m).
Or there is the ‘public speaking circuit. The keynote speaking circuit in a post-coronavirus world is bound to be a tempting opportunity for Harry and Meghan to tell their story and throw their support behind causes they both care about. With their level of fame, they could potentially charge upwards of $1million (£713m) for each appearance.
And finally there is of course personal business ventures. Starting up a new business is no easy task, but when you’re already a well-known figure, that challenge becomes a lot easier.
The global wellness market is valued at over $4.75 trillion, so it seems like a great place for the pair to start. It’s no secret that Meghan is a big yoga fan, and it was revealed that Harry has turned to meditation in a bid to become more mindful. Starting up their own business may just be the key to earning a stable income for the pair. Their start-up ideas could range from luxury yoga retreats or even providing online classes from the pair.
Information compiled by Money.co.uk Pictured top: The couple have already proved a