The decision to terminate Harry and Meghan's lucrative podcast contract proved beneficial for Spotify, as they avoided spending vast sums on what they perceived as unsuccessful podcasts featuring Meghan Markle.
The termination of the podcast deal, announced just last month, resulted in write-offs and contract termination costs for Spotify. Daniel L, the company's CEO, acknowledged that they stepped out of some deals and relationships that did not work out.
The heavy investment in podcasts failed to yield the expected financial success, leading to job cuts and reorganization within Spotify's podcast business.
The Duke and Duchess of Sussex's podcast series, "Archewell Audio," which premiered in 2022 with 12 episodes featuring guests like Serena Williams and Paris Hilton, reportedly fell short of meeting performance targets to secure the full payment from Spotify, which was estimated to be around £16 million. This loss from podcasts contributed to a broader £259 million fall in Spotify's revenue.
Following the decision to part ways, an executive at Spotify referred to the Sussexes as "grifters," and rumors have been circulating about the couple facing financial pressures. Despite the setback with the Spotify podcast, their Netflix deal remains intact.
The situation has prompted Prince Harry to reach out to Prince William to discuss the possibility of returning to the UK, according to Royal commentator Richard Fitzwilliams. This reversal has indeed proved to be a significant humiliation for the couple.
As the financial implications and strained relationships unfold, Meghan Markle's future projects and the Sussexes' overall financial stability are under scrutiny.
