Meghan Markle’s Netflix journey might be over after her proposed food and lifestyle series, With Love, Meghan, was brutally slammed by critics in the U.S. and England alike.
Meghan Markle and Prince Harry’s $100 million Netflix deal hasn’t brought much success beyond their 2022 docuseries “Harry & Meghan,” where they shared personal stories about Harry’s family. Other projects, including “Heart of Invictus,” “Live to Lead,” and Harry’s “Polo,” failed to gain traction.
The Netflix series “With Love, Meghan” also missed the mark, facing criticism for being “vain,” “narcissistic,” and “pointless” from both fans and critics. The production was costly, with the director Mike Steed, known for his work on Anthony Bourdain’s “Parts Unknown,” at the helm.
According to News Nation, insiders estimate that each episode’s cost was in the hundreds of thousands, partly due to the $5 million property used for filming.
“It was an incredibly expensive show to produce,” said one source familiar with the project.
Before the series even debuted, Netflix seemed to lose confidence. The platform released all episodes at once without offering advance screeners to critics—a move often seen as a red flag.
Although there are plans to continue working on projects under Markle’s “As Ever” brand, insiders say Netflix may be ready to part ways with her.
“They’ve lost so much money on her projects, and they’re stuck in a deal they want to exit. How could they not be done with her?” said a Hollywood insider.
Meanwhile, Markle’s new product line seems poorly timed. As The Wall Street Journal pointed out, rising food costs mean shoppers are cutting back, even on basic groceries. It’s unlikely her luxury items like jam, honey, dried flowers, or crepe mixes will appeal to budget-conscious consumers.
If Netflix decides not to pursue further collaborations with Markle, they wouldn’t be the first to distance themselves. WME mega-agent Ari Emanuel hasn’t communicated with Markle in a year, fuelling speculation that his agency is considering dropping her as a client.
Netflix to Spen $18 Billion on Content
Meanwhile, Netflix plans to spend roughly $18 billion in cash on content in 2025, with significant room for growth in the coming years, according to CFO Spencer Neumann.
“We’re far from reaching a limit on content spending,” Neumann stated during the 2025 Morgan Stanley Tech, Media & Telecom Conference. He emphasized that as a global entertainment company, “we’re still in the early stages.” The projected $18 billion marks an 11% increase from the $16.2 billion spent in 2024.
When asked how Netflix determines its content budget, Neumann explained it’s a mix of strategy and forecasting. The process starts with expected revenue, which the company can predict with a fair degree of accuracy. From there, content spending is aligned with Netflix’s margin goals.
By the end of 2024, Netflix had 301.6 million paid subscribers globally, a notable uptick from the previous year. This translates to over 700 million people engaging with Netflix content, according to Neumann. Despite this success, he noted the company is still relatively small in the broader entertainment industry.
Netflix is currently in about 40% of connected TV households worldwide and has tapped into just 6% of its potential market. In the U.S. and elsewhere, it accounts for less than 10% of total TV viewing.
“We see growth opportunities everywhere,” Neumann said. “It’s really about identifying where the biggest growth potential is and focusing our investments there. We’re committed to staying in growth mode for as long as possible.”
The company’s goal is to provide “more entertainment value for every dollar,” Neumann added. It’s also dedicated to improving the user experience, acknowledging that competition in the market continues to strengthen.
Netflix caters to a wide global audience, offering a mix of TV shows and movies spanning various genres and formats. Its productions are made in over 50 countries, reflecting its diverse approach to programming.
In an update to its 2025 financial outlook, Netflix raised its revenue forecast to $43.5 billion–$44.5 billion, a $500 million increase from previous estimates. This would represent an 11.5%-14% rise compared to the prior year. The company is also targeting a 29% operating margin for 2025, up one percentage point from earlier predictions.
As part of its strategy, Netflix announced price increases in January 2025 for its U.S. and international markets. The Standard ad-free plan in the U.S. increased by $2.50 to $17.99 per month, the first hike in three years for that tier. The ad-supported plan also saw its first price adjustment, rising to $7.99 per month from $6.99.
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