Prince Harry and Meghan Markle's upcoming Netflix shows will be the "most viewable content" next year. This is the prediction of the streaming platform's CEO, Reed Hastings.
Hastings recently spoke with CNBC's Squawk Box about signing the Duke and Duchess of Sussex for a production deal. The CEO said that they have big plans for a "wide range of entertainment."
Harry and Markle will produce documentaries, children's shows, docuseries, scripted programs and feature films for the streaming platform. Hastings said he's looking forward to big things from the couple as they could potentially bring in the most exciting, most viewed content in 2021.
The executive said that they don't expect Meghan, a former TV star, to resume her acting career because their focus is on the production side. He said the couple had a "great eye" for stories that will affect the public.
The financial aspects of the Sussex couple's deal with Netflix has been a debate among royal observers and industry insiders recently. Speculation is they signed a $150 million contract. However, some in the business said that Harry and Markle likely received less than $2 million since they will be producers and not content creators.
But before signing with Netflix, Harry and Markle apparently received an offer in the "tens of millions" from the new mobile streaming platform Quibi. They were also in discussions with Disney and Apple.
With the potential to earn more money, tax adviser David Lesperance told Daily Express that Harry and Markle should think about putting their Netflix production company offshore to avoid very high corporate tax rates. He advised the Sussexes to set up their production house in a country with zero-tax jurisdiction if much of their work isn't specifically catered to America.
If Harry and Markle have international investors, Lesperance said it will be easier to get a non-tax jurisdiction. He said that this is not a "nefarious" practice and it will help make the process of taxes simpler. Apparently, Queen Elizabeth's private earnings from the Duchy of Lancaster is protected in an offshore fund in the Cayman Islands. But a representative said the Queen makes voluntary payments for any income she gains from Lancaster.
