Partner James Janowitz, co-chair of Pryor Cashman’s Media + Entertainment group and senior partner in the Litigation Group, discussed at length the recently announced agreements between Prince Harry and Meghan Markle, and Netflix and Spotify, respectively. According to the Daily Beast, "Hot on the heels of their whopping Netflix deal (reported to be worth $100m) this week, they announced they had signed a multi-year deal with streaming giant Spotify, said by some outlets to be worth as much as $35m." The agreements will be a boon for the pair as they establish financial independence from the British royal family after stepping down from their royal positions in early 2020. As noted in the Daily Beast article titled, "Prince Harry and Meghan Markle Strike Gold In Hollywood":

Jim Janowitz, a veteran entertainment lawyer, and a senior partner at Pryor Cashman in New York told The Daily Beast: “To be crass about it, they have a considerable need for revenue. They do already have substantial wealth, but I suspect they have a lifestyle that is beyond the average to support. So, if they want to get into this field, they don’t want to go about it in a small way. They don’t want to be developing shows and pitching them. And there is no reason that they should have to. Their celebrity enables them to enter at a very high level, with considerable opportunities for compensation.”

[... ] Janowitz commented: “Netflix and Spotify are not necessarily trying to attract audiences to a specific project, but to the subscription service as a whole.”

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“Maybe they will do something brilliant and extremely productive, but, unlike the studio deals of the past, if they produce nothing, (Netflix) won’t be completely disappointed because the name recognition and the pizazz drives subscriptions regardless of what they produce.”

The deal with Spotify is likely to be similarly focused on delivering subscribers rather than delivering a hit, money-making podcast, Janowitz said.

“Podcasts generally don’t make a lot of money. Ad-supported services are not good money generators. Meghan and Harry are not there to drive ads, but to drive subscriptions.”

Read the full article through the link below.