In addition to their deal producing content for Netflix, Prince Harry and Meghan Markle are expected to earn money from speaking engagements now that they've stepped back from their roles as senior working royals.
Previous estimates suggested that the Sussexes could command as much as $1 million to speak at events, but now at least one expert says that their actual earning potential for speaking gigs is likely much lower.
Speaking to The Sun, the expert, who works as an international consultant and runs VIP corporate events in the UK and US, said that the couple's strict list of demands will make it difficult for them to earn top dollar as speakers.
Prince Harry and Meghan Markle have already done a lot to establish their independence after stepping down from their roles as senior working royals. Even before they inked their massive deal with Netflix, the Sussexes were expected to earn big bucks from speaking engagements. Now, however, some experts say the couple will likely pull in less money from those speaking gigs than was previously estimated.
"Harry and Meghan coming on the speaker circuit is certainly as significant as the likes of President Obama or Arnold Schwarzenegger," one expert, an international consultant who runs VIP corporate events in the UK and US, told The Sun. "The pair are fascinating, uniquely experienced individuals, who have a wide reach, who would have been a huge draw to a live audience pre COVID. So back then figures between the 750k and $1M mark seemed steep, but possible. Realistically their earnings range is closer to $250k to $400k."
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It's not just the coronavirus pandemic that will impact Harry and Meghan's earning potential from speaking engagements though. The expert, who spoke anonymously, said the Sussexes' strict list of demands will also play a role.
“The contract paperwork appears to read that the speakers have full control of the client’s event. It certainly raises eyebrows and will put off many potential large corporations," the source explained, adding that client expectations tend to increase for speakers who charge more and many may not be willing to relinquish the control over their events that the Sussexes' contract demands for such a steep rate. "Every speaker has a right to protect their image and request clients adopt their rules. No speaker or paid guest, in my experience, has ever been allowed to have approval of each aspect of a corporate event, including former US Presidents."
In the end, Harry and Meghan will have to negotiate their speaking rate on a case-by-case basis, but The Sun's expert expects many of those negotiations to end in stalemates.
"Nevertheless, I expect there will be some give and take on parts of their deals, but they will turn down many more events than they accept," the source said. "My guess would be ninety percent of opportunities will be passed on, once their speaking brand reaches its peak."
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