Harry, Meghan Lose Spotify Deal: What Happened?
Prince Harry and Meghan Markle recently ended their multimillion-dollar deal with streaming giant Spotify. The couple inked the agreement in 2020 for a reported US$20m (£15.6m or A$29.1m) after leaving their royal duties. However, the deal has been a subject of criticism since the couple only managed to produce one series under their Archewell Audio podcast imprint. In this article, we will examine the details of the story and analyze the reasons why Harry and Meghan’s Spotify deal ended prematurely.
Background Information
The Duke and Duchess of Sussex signed multi-year contracts with Netflix and Spotify in 2020 when their post-royal careers appeared to get off to a flying start. However, more than a year later, the only content to emerge from their Spotify deal is a 33-minute festive special that aired in December 2020. The Netflix contract is also yet to bear fruit, although the couple has two shows in the pipeline.
Harry and Meghan’s Spotify Deal
The multimillion-dollar deal that Archewell Audio, a media group run by Harry and Meghan, had with streaming giant Spotify recently came to an end by mutual agreement. The couple produced just one series under their Archewell Audio podcast imprint since inking the agreement in 2020 for a reported US$20m.
The End of the Deal
The two parties said in a joint statement that the deal is coming to an end. “Spotify and Archewell Audio have mutually agreed to part ways and are proud of the series that we made together,” the statement said. An unnamed source who spoke to Variety said that Spotify had been expecting more content from Archewell Audio, while another unnamed source said Harry and Meghan wanted to move away from exclusive Spotify distribution to find a new home for their audio projects.
Archewell Audio Mission and Achievements
Archewell Audio’s company mission is “producing programming that uplifts and entertains audiences around the world,” as well as “spotlights diverse perspectives and voices” and “builds community through shared experience, narratives and values.” The duchess’s Archetypes, the only series produced under the imprint, has topped podcast charts for the outlet in several markets, with listeners flocking to her discussions with influential women.
Experts’ Opinions
PR consultants have told Newsweek that Harry and Meghan are “facing pressure to deliver on the Spotify deal” more than a year after announcing their podcast. PR expert Anthony Burr, of London-based Burr media, told Newsweek: “It’s vitally important for Harry and Meghan to deliver here, not just due to the eye-watering contracts that they managed to negotiate, but also as a signal to other potential companies that they can be relied upon to execute on their promises, offer value for money and bring return on investment.”
Eric Schiffer, chairman of Reputation Management Consultants, told Newsweek: “They’ve been facing pressure to deliver on the Spotify deal. The move by Spotify is likely to bolster what Meghan and Harry’s team has been able to do and assist them in execution given the significant shortage of quality content to date. “I think that there is a clock ticking and I would imagine that you’ll see content come out that will likely be far more inspired by Spotify stewards to assist Meghan and Harry in meeting their obligations.”
Reasons for the Early End of the Spotify Deal
There could be several reasons why Harry and Meghan’s Spotify deal ended prematurely. One factor might be the pressure to deliver quality content regularly. Archewell Audio has only produced one series, which is not enough for the price Spotify paid. Secondly, it could be because the couple wanted to find a new home for their audio projects. Lastly, there could be some disagreements with Spotify about the content that Harry and Meghan want to produce.
Conclusion
The end of Harry and Meghan’s Spotify deal is a reminder that if promises are not kept, businesses can cut their losses, even if it means ending a deal prematurely. It is essential to deliver the product as promised to keep the partnership going. The couple’s Spotify deal is a prime example of how high expectations and low output can result in an unsuccessful business agreement.
FAQs
1) How much was Harry and Meghan’s Spotify deal worth?
The couple’s Spotify deal was reportedly worth US$20m (£15.6m or A$29.1m).
2) How many series did Harry and Meghan produce under the Archewell Audio podcast imprint?
Harry and Meghan only managed to produce one series under their Archewell Audio podcast imprint.
3) Why did the Spotify deal end prematurely?
The deal ended prematurely due to several factors. Firstly, the pressure to deliver regular quality content. Secondly, the couple wanted to find a new home for their audio projects. Lastly, there could be disagreements with Spotify about the content that Harry and Meghan want to produce.
4) What is Archewell Audio’s mission?
Archewell Audio’s company mission is “producing programming that uplifts and entertains audiences around the world,” as well as “spotlights diverse perspectives and voices” and “builds community through shared experience, narratives, and values.”
5) What lessons can businesses learn from Harry and Meghan’s Spotify deal?
The end of Harry and Meghan’s Spotify deal is a reminder that businesses need to deliver on their promises to keep their partnerships going. High expectations and low output can result in an unsuccessful business agreement.