Prince Harry and Meghan Markle's new deal is risk-free for Netflix due to the huge reduction in the amount the streaming platform will be paying.
The Duke and Duchess of Sussex signed a highly lucrative deal with the streaming giant in 2020 after stepping down as working members of the Royal Family.
The agreement, valued at £75m over five years, had an expiration date of 2025.
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However, the new deal is for a fraction of that figure, according to an insider.
Prince Harry and Meghan Markle's new deal is risk-free for Netflix due to the huge reduction in the amount the streaming platform will be paying.
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They told Page Six: "It's not much. It’s no risk for Netflix but saves them both reputationally."
On Monday, Prince Harry and Meghan Markle confirmed alongside Netflix that the partnership will continue with several new projects on the way.
The extension of the creative partnership through Archewell Productions will be in the form of a multi-year, "first look deal for film and television projects".
Meghan, Duchess of Sussex, said: "We're proud to extend our partnership with Netflix and expand our work together to include the As Ever brand.
On Monday, Prince Harry and Meghan Markle confirmed alongside Netflix that the partnership will continue with several new projects on the way.
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"My husband and I feel inspired by our partners who work closely with us and our Archewell Productions team to create thoughtful content across genres that resonates globally, and celebrates our shared vision."
Bela Bajaria, Netflix’s Chief Content Officer, said: “Harry and Meghan are influential voices whose stories resonate with audiences everywhere.
"The response to their work speaks for itself — Harry & Meghan gave viewers an intimate look into their lives and quickly became one of our most-watched documentary series.
"More recently, fans have been inspired by With Love, Meghan, with products from the new As Ever line consistently selling out in record time. We’re excited to continue our partnership with Archewell Productions and to entertain our members together."
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The streaming company will also advance their partnership with Meghan's lifestyle brand As Ever and extend the current product range.
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Netflix also confirmed that the second season of the Duchess of Sussex's lifestyle programme 'With Love, Meghan' will be released later this month.
The streaming company will also advance their partnership with Meghan's lifestyle brand As Ever and extend the current product range.
Meghan will star in a Christmas special episode in December as part of the With Love, Meghan series.
One of the new projects revealed in the press release is 'Masaka Kids, A Rhythm Within', which Prince Harry and Meghan have helped produce for Netflix.
Another is the adaptation of the best-selling novel by Carley Fortune, Meet Me At The Lake.