The royal family has a strong presence on social media but Meghan Markle and Prince Harry are speculated to change the playing field as they could become a different breed of social media influencers. This is apparently how they will earn their money to become financially independent from the Sovereign Grant.
On Jan. 8, Prince Harry and Meghan revealed to the world that they will no longer be senior members of the royal family. The Duke and Duchess of Sussex also said that they would like to be released from the Sovereign grant and have a private income.
According to Sarah McCorquodale, who is the CEO of an intelligence platform, Prince Harry and Meghan might think about expanding their social media brand as they step down as senior royals. However, they won't be doing the same way as other social media influencers, who are actually earning millions as ambassadors of different companies.
McCorquodal believes that the Duke and Duchess of Sussex will use their online presence to launch new ventures. They will capitalize on their mass appeal as a royal couple and forge a relationship with their followers.
Eytan Avigdor of Klear, however, said that he will not nix the idea for Prince Harry and Meghan to be brand ambassadors. The Sussex royals could be really strong endorsers for other companies.
The expert told CNBC that their demographics are mostly female with majority being in the United States. Klear said that the Duke and Duchess of Sussex's Instagram is an avenue of many potentials, especially since it also has a high engagement rate.
But Prince Harry and Meghan Markle might also pursue ventures where she knows the industry better. They could start producing TV shows and movies, or go into book publishing.
Meghan has, in fact, signed a Disney deal that will have her lending her voice to a production in exchange for a donation to the charitable organization Elephants Without Borders. Prince Harry, on the other hand, announced last year that he has a documentary series in the works with Oprah Winfrey. The show's subject will be on mental health.
The Duke and Duchess of Sussex may also partner with organizations to come up with a line of clothing to benefit their charities. The couple actually applied for a trademark for their Sussex Royal brand to kick off this venture.
