After just one season, Prince Harry and Meghan Markle’s podcast deal with Spotify has come to an end.
Bill Simmons, head of podcast innovation and monetization at Spotify, is not pleased with the royal couple.
“I wish I had been involved in the ‘Meghan and Harry leave Spotify’ negotiation. ‘The F—king Grifters.’ That’s the podcast we should have launched with them,” Simmons said during his podcast last week.
“I have got to get drunk one night and tell the story of the Zoom I had with Harry to try and help him with a podcast idea. It’s one of my best stories … F—k them. The grifters.”
Simmons has criticized Prince Harry in the past — even when the Duke and Duchess of Sussex were still under contract with Spotify.
“Shoot this guy to the sun,” Simmons said on his podcast in January. “I’m so tired of this guy. What does he bring to the table? He just whines about sh-t and keeps giving interviews. Who gives a sh-t? Who cares about your life? You weren’t even the favorite son.”
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The Deal And The Split
In late 2020, Prince Harry and Markle’s production company Archewell Audio signed a $20 million deal with Spotify to produce and host podcasts on the platform. Spotify said that under the multiyear agreement, Archewell Audio would produce programming to “spotlight powerful and diverse voices and perspectives.”
Archewell Audio ended up producing one series of the podcast “Archetypes,” hosted by Markle, and a holiday special. According to the podcast’s description, Archetypes aims to “investigate, dissect and subvert the labels that try to hold women back.”
The series won’t be renewed for a second season.
“Spotify and Archewell Audio have mutually agreed to part ways and are proud of the series we made together,” Spotify and Archewell Audio said in a joint statement.
The Wall Street Journal reported that the couple hasn’t met the productivity benchmarks to receive the full $20 million payout from the deal.
‘Overpaying And Overinvesting’
Spotify invested heavily to expand its presence in the podcast world, and that has financial consequences.
In January, Spotify CEO Daniel Ek said that the podcasting business “had been a drag” to the company’s gross margin profile.
In the latest earnings conference call, an analyst asked how the company can retain exclusive podcast content while not overpaying and overinvesting as the deals go up for renewal.
Ek replied, “I think you’re right in calling out the overpaying and overinvesting.”
Now the company will be more cautious on that front.
“We’re going to be very diligent in how we invest in future content deals. And the ones that aren’t performing, obviously, we won’t renew,” Ek said. “And the ones that are performing, we will obviously look at those on a case-by-case basis on the relative value.”
Earlier this month, Spotify laid off 200 employees from its podcasting unit.
The stock, however, gained more investor attention this year. Spotify’s New York Stock Exchange-listed shares have surged more than 90% in 2023.
Depending on when you bought the stock, it can feel like a rollercoaster ride. Despite this year’s rally, shares are down more than 50% from their peak in February 2021.
If you don’t like that kind of volatility, you might want to look into slow-changing industries that provide considerable cash returns to investors such as those catering to basic human needs like food and shelter. For those seeking to generate passive income without the volatility associated with publicly traded stocks, there are avenues to invest in these essential service businesses through the private market.
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This article ‘F–king Grifters’: Spotify Exec Slams Prince Harry And Meghan Markle After Parting Ways — Here’s How Much The Royal Couple Could Have Made From Their Podcast Deal originally appeared on Benzinga.com
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Source: finance.yahoo.com