After Netflix, Prince Harry, Meghan Markle ink multi-year deal with Spotify

Prince Harry and Meghan Markle have strengthened their financially-independent lives by signing another whooping deal. Spotify, a music streaming app, announced on Tuesday that it has signed a partnership with Archewell Audio, a new audio-first production company founded by The Duke and Duchess of Sussex.

The company said in a press release that Harry and Meghan "will host and produce podcasts that build community through shared experience, narratives, and values." A holiday special by the royal couple will also be released later this month. The multi-year deal will also include shows hosted and produced by the two.

"What we love about podcasting is that it reminds all of us to take a moment and to really listen, to connect to one another without distraction," The Duke and Duchess of Sussex said in a joint statement.

"With the challenges of 2020, there has never been a more important time to do so, because when we hear each other, and hear each other's stories, we are reminded of how interconnected we all are," it read further.

According to CNN Business, Dawn Ostroff, chief content and advertising business officer for Spotify said in a statement on Tuesday, "The Duke and Duchess of Sussex may live in California but the power of their voices rests in their status as citizens of the world."

"That they are embracing the extraordinary capacity of podcasts on Spotify while also seeking to elevate underrepresented voices is a testament to their appreciation for the potential of audio storytelling," Ostroff added.

It's Harry and Meghan's latest financial deal since they stepped back from their roles as senior members of the British royal family and became "financially independent" royals. Spotify has not disclosed the exact amount of the deal. However, as per a report by Mirror Royal, the contract costs a staggering £30 million ($40 million).

Kim Kardashian West and Michelle Obama also have podcast deals with Spotify. "The Joe Rogan Experience," is also exclusive to the music streaming giant.

The news comes months after the Duke and the Duchess of Sussex signed a multi-year production deal with streaming giant Netflix. The former American actress also narrated the documentary "Elephants" on Disney+ after quitting as a senior royal.