Prince Harry and Meghan Markle‘s previous $100 million deal with Netflix has been branded an “expensive failure,” even as the couple signs an extension with the streaming giant.

Reports suggest the pair fell short of expectations from their original agreement, with many of the planned projects never coming to fruition.

Prince Harry and Meghan Markle’s new deal is believed to be worth less than the initial contract and is described as a “first-look” arrangement that gives Netflix the first right of refusal on Sussex projects.

While Meghan Markle and Prince Harry may still be in a celebratory mood over signing a contract extension with Netflix, industry sources claim their previous arrangement was far from successful for the streaming giant.

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In 2020, the Sussexes signed a $100 million deal with Netflix after stepping down from their working royal roles.

That deal led to the creation of several projects, including their highly successful documentary Harry & Meghan, a polo show, and, most recently, Meghan’s cooking series With Love, Meghan.

However, according to insiders, Netflix executives do not believe they got their money’s worth from the Sussexes and are seemingly embarrassed to reveal this detail.

“The $100million deal has been an expensive failure for Netflix; however, they want to dress it up,” an insider shared with the Daily Mail.

Another insider also pointed out that the “new deal is less lucrative” and that the streaming giants likely didn’t offer more because the “high-profile 2020 deal may not have met expectations.”

At the time Netflix and the Sussexes signed their first deal, the plan was for them to produce “inspirational family programming” across documentaries, docu-series, films, scripted shows, and children’s television.

But for some reason, no children’s television, feature films, or scripted shows were made during the five-year deal.

There were attempts, but they were either canceled or stalled by the streaming giant. In 2022, Meghan’s “Pearl” series was canceled after Netflix announced it was scaling back on animated projects.

Around the same time, plagiarism allegations emerged from an author who claimed the series bore striking similarities to her book, although it remains unclear if this had anything to do with why the series was canceled.

Additionally, the Sussexes had in the works a romantic film based on the book “Meet Me at the Lake.” But as of now, there is no director or cast attached to the project, and according to sources, “it may never happen.”

Beyond being miffed that they didn’t get their money’s worth from the first deal, an expert claimed that Netflix offered the Sussexes a less lucrative contract this time around to avoid facing the same dilemma again.

“I think Netflix has done a very neat job of pivoting away from two very expensive people who didn’t deliver, and they’ve taken that deal off the table, and they’ve given them a modest one,” PR expert Mark Borkowski told the Daily Mail.

He claimed that the new deal should not be mistaken for both parties “gradually uncoupling,” but rather be seen as a “downgrade.”

“Netflix are not going to expose themselves to those budgets again,” Borkowski added. “It’s Netflix saying, ‘Let’s have a look at your content, but we’ll pick and choose, mate.’ I would be surprised if it’s not pay-as-you-go and it’s well, well below that first mark.”

According to Borkowski, even if the streaming giant approves any of the Sussexes’ ideas, they would not receive the massive budget they initially had access to.

“They have shot the golden goose of 2020 – more of a ‘we’ll call you’ than ‘here’s the checkbook,'” he told the outlet.

Doubling down on his earlier claim, he also described the arrangement as a “first-look deal,” giving Netflix the first right of refusal on Sussex projects without any obligation to “bankroll” them.

The second series of “With Love, Meghan” is expected to be the first show to debut under the Sussexes’ new deal with Netflix.

The first installment premiered in March, and three days later, the second season was greenlit.

A number of other projects are also in “active development” or nearing completion, including a Christmas special.

Harry and Meghan also have an orphaned children documentary called “Masaka Kids, A Rhythm Within,” and a variety of “content genres” in store.