2023-07-29 09:31:29
Jakarta –
Spotify reported a huge loss of 34 million pounds, or around Rp 660 billion. This is the impact following Spotify terminated the podcast contract with Meghan Markle and Prince Harry entitled Archetypesm last June.
Spotify disclosed that it suffered losses as a result of removal and termination fees, in connection with the rationalization of its podcast content portfolio.
Spotify CEO Daniel Ek said the company was out of several deals and relationships that weren’t going well.
“We are paying more than we should,” he added, quoted by detikINET from The Hindustan Times, Saturday (29/7/2023).
Head of Podcast Business, Sahar Elhabashi said Spotify had laid off regarding 6% of its 6,600 workers in January and hundreds more.
“We have made the difficult but necessary decision to make a strategic realignment of our group and reduce our global podcast vertical and other functions by approximately 200 people, or 2% of Spotify’s workforce,” wrote Sahar Elhabashi in an official Spotify blog post.
The decision came following Harry and Meghan’s podcast content deal failed to raise the expected amount of money. Shortly following, the pair’s podcast was discontinued by Spotify.
Sources close to Spotify claim that the royal couple failed to meet the productivity benchmarks needed to receive full payout, according to the Wall Street Journal. However, Meghan is reportedly planning to do more podcasts.
After the first season ends, Spotify is reportedly planning to release a second season. Sources close to Meghan and Harry claim the couple will be stopping making Netflix documentaries, publishing memoirs, and appearing for interviews that don’t talk regarding the Royal Family.
Recent reports state that the Duke and Duchess of Sussex are currently under tremendous financial pressure and find it difficult to finance their lifestyle. While Meghan’s Spotify podcast was recently terminated, their Netflix deal reportedly remains intact.
Harry is believed to have recently contacted Prince William to discuss a possible return to England. According to royal commentator Richard Fitzwilliams, making the decision to return to England would be an insult to the couple.
Watch Video “The End of Prince Harry and Meghan Markle’s Agreement with Spotify”
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