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Why Spotify's big bet on Meghan Markle fell flat

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in Entertainment

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The duke and duchess on a visit to New Zealand

 

 

When Spotify signed the Duke and Duchess of Sussex with an exclusive deal reportedly worth about $20m (£15.6m) in 2020, the royal couple were taking their first steps into the commercial world and podcasts were positively booming.

How times have changed.

These days, Prince Harry and Meghan's brand has waned in the eyes of some and Spotify is reducing its reliance on the big celebrity signings and expensive original content that have weighed on its bottom line.

Meghan's podcast became one of the most high-profile casualties this week when Spotify and the duke and duchess's Archewell Audio announced they would be parting ways in a mutual decision.

It came after Spotify's deal with Barack and Michelle Obama's production company ended last year.

Spotify has let go hundreds of staff since that time, hitting the expansive podcasting division, a hotchpotch of podcasting companies it spent more than $400m acquiring just a few years ago.

 

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