Meghan and Harry are not returning to work as members of the royal family and have lined up a series of public events, including their Oprah interview. As a result, this has left many wondering, where does this leave their finances?
The experts at money.co.uk provide insights as to how the ex-royal couple could rake in the cash they are no longer earning from the family.
Salman Haqqi, personal finance expert at money.co.uk, said: “Now the decision not to return to their positions as working members of the Royal family has been made, the need for a steady income as private individuals will mean it’s down to business for Meghan and Harry.
“Maximising their celebrity to further causes close to their hearts, as well as increasing their commercial earnings to support their growing family, will be a focus for the couple as they continue building their new lives in California.”
Some of the ways they could look to bring in the cash include:
1. Social media
The couple currently has 10.3 million followers on their joint account, @sussexroyal, and if they chose to cooperate in brand deals their earnings could reach in excess of $34,000 (£24,000) per post. And although this seems like a lot, if they worked together by creating separate social media accounts, the number of followers they could obtain is likely to be astronomical. The increase of followers could easily be turned into a money-making machine.
At the moment, the posts made on the account are often impersonal and do seem organised by their social media managers. But if they chose to interact with their followers and increase their personal brands online, the growth could be huge.
Kylie Jenner has a whopping 216 million Instagram followers. She is raking in an estimated $715,000 (£509,000) per sponsored post, so there is certainly potential for Harry and Meghan to increase their income through a social media revenue stream.
2. Commercial partnership
As they are not returning to the royal family, their income is likely to plummet – leaving them to their own devices. Another way the couple could boost their income is through brand partnerships.
Product endorsements, similar to those seen on Instagram, are often about money, with the celebrities involved not taking too much control. Whereas commercial partnerships can often be a different story, leading to rewarding relationships and new ventures for the couple.
One example of a successful commercial partnership is Michael Jordan and Nike. Since 1984, the sportswear giant is estimated to have paid Jordan $1.3billion (£927m) throughout their deal. Nike continues to release new ranges of the Jordan shoe, with the items often selling out – showing the demand is clearly still there.
Whether it be a beauty range, clothing line, gaming series, or food partnership, if Harry and Meghan chose to partner with a brand, their potential earnings would be seriously impressive.
3. Book deals
With constant curiosity looming about the couple, the public would be more than willing to splash some cash on a tell-all book.
Meghan’s New York Times article was shared by thousands of journalists and read by millions across the globe, so evidently there is a huge market of people interested in the pair, which opens up the potential for a best-selling book.
In 2017, Barack and Michelle Obama signed a deal with Penguin Random House which, at the time, was said to have been sold for more than $60million (£42m).
4. TV and Film
With what is rumoured to be a $100-150million (£71-106m) deal already signed with streaming service Netflix, TV and film is a natural medium for the couple. Forbes even reported that ITV is set to win the rights to Harry and Meghan’s Oprah interview, paying over £1m.
From behind the camera as producers to fronting their own films, and maybe making cameos for some of their Hollywood friends could prove seriously lucrative for the couple.
5. Public speaking circuit
The keynote speaking circuit in a post-coronavirus world is bound to be a tempting opportunity for Harry and Meghan to tell their story and throw their support behind causes they both care about. With their level of fame, they could potentially charge upwards of $1million (£713m) for each appearance.
6. Personal business ventures
Starting up a new business is no easy task, but when you’re already a well-known figure, that challenge becomes a lot easier.
The global wellness market is valued at over $4.75 trillion, so it seems like a great place for the pair to start. It’s no secret that Meghan is a big yoga fan, and it was revealed that Harry has turned to meditation in a bid to become more mindful. Starting up their own business may just be the key to earning a stable income for the pair. Their start-up ideas could range from luxury yoga retreats or even providing online classes from the pair.