Royal

Spotify’s $45 Million Blow: Meghan Markle and Prince Harry’s Podcast Deal Ends Abruptly

Music giant Spotify reportedly took a significant hit of around $45 million following the termination of Meghan Markle and Prince Harry’s podcast deal last month.

The audio streaming platform revealed that the financial blow resulted from “write-offs and contract termination” costs related to streamlining their podcast content portfolio.

Spotify’s CEO, Daniel Ek, admitted that some of their deals and partnerships hadn’t worked out as planned, leading to overpayment for specific contracts.

Consequently, the company had to step out of some arrangements, including the one with the royal couple.

The news of the contract termination comes after Spotify laid off approximately 6% of its workforce in January and later downsized hundreds more positions.

Sahar Elhabashi, Spotify’s head of podcast business, stated that they had made the “difficult but necessary decision” to realign their group, reducing their global podcast vertical and other functions.

The decision to end the podcast deal with Meghan and Harry came after it failed to meet the expected revenue targets.

The streamer reportedly snubbed the couple’s podcast after they failed to achieve the productivity benchmark required for the total payout.

Despite this setback, rumors suggest that Meghan Markle plans to venture into more podcast projects.

However, Meghan and Harry are reportedly under significant financial pressure, struggling to fund their lifestyle amidst the backlash and snubs they have faced.

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