Prince Harry left Netflix executives "upset" after the release of his autobiography risked undercutting his key project for the streaming platform, according to a source.
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.
The couple's first project was their documentary titled Harry & Meghan, which was released in December 2022.
Prince Harry 'upset Netflix by undercutting key project' as company feared 'expensive failure' | Getty
Their debut project for Netflix was a staggering success and still ranks as the fifth most-watched documentary of all time on the platform. It is also the most-viewed documentary across the first four days of its release.
However, Prince Harry's autobiography was released just one month later in January 2023, and according to an insider, Netflix were "upset" by the move and feared it would "undercut" their programme's success.
Despite the huge viewership pulled in by the Harry & Meghan series, the couple's follow-up projects have not come close to reaching the same heights.
One source told the Mail that Netflix see their original £75m deal as an "expensive failure" for Netflix.
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.
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However, on Monday afternoon, Prince Harry, Meghan and Netflix issued a joint press release confirming a new multi-year partnership had been struck.
The new deal is for a fraction of that figure, according to an insider.
They told Page Six: "It's not much. It’s no risk for Netflix but saves them both reputationally."
Meghan, Duchess of Sussex, said regarding the deal: "We're proud to extend our partnership with Netflix and expand our work together to include the As Ever brand.
"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."
Their debut project for Netflix was a staggering success and still ranks as the fifth most-watched documentary of all time on the platform
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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.
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.