Prince Harry and Meghan Markle announced that they have signed a deal with Netflix.

The Duke and Duchess of Sussex, who currently live in their $ 14 million mansion in Santa Barbara after officially stepping down from their royal position in March, is set to embark on their new career in Hollywood.

The couple founded an as yet unnamed production company and signed a multi-year deal with Netflix, which will pay them to produce documentaries, series documentaries, feature films, text shows, and children’s programs, according to New York times.

They commented in a statement: “Our focus will be on creating content that communicates information but also gives hope. As new parents, creating inspiring family programs is also important to us.

They added, “The unprecedented access to Netflix will help us share impactful content that unleashes action.”

Their content will be exclusive to Netflix, which has 193 million subscribers worldwide.

While Harry and Meghan may appear on camera in documentaries, the former Suits actress has previously made it clear that she has no plans to return to acting.

Ted Sarandos, Chief Content Officer at Netflix and Co-CEO added: “We are extremely proud that they have chosen Netflix as their creative home, and we are excited to tell stories with them that can help build resilience and increase audience understanding everywhere.

Rumors have spread that Harry and Meghan are seeking a foothold in Hollywood since the couple announced their plans to quit their senior royals and seek financial independence and move to North America in January.

Meghan’s first post-Megxit job in the entertainment industry was as the narrator in the Disney Plus Docuseries Elephants, released in April.

The 39-year-old Harry hijacked the job after Harry bragged about her voiceover skills for Disney president Bob Iger at the remake of the movie The Lion King last summer.

Her fees for the project went entirely to the Elephants Without Borders Charitable Foundation – an organization dedicated to wildlife conservation and helping to protect animals from poaching.

Harry followed in her footsteps by appearing in a new Netflix documentary about the Paralympics called Rising Phoenix, which aired on August 26.

Harry announced last year that he’s partnered with Oprah Winfrey in an Apple TV + documentary about mental health.

It’s unclear if the couple has shown their secret project on Disney, Netflix, or Apple TV +.

Shortly after the Duke and Duchess announced their intention to step back from royal duty, a senior Netflix executive said the streaming giant would like to work with them.

Netflix’s chief content officer, Ted Sarandos, said at the Screen Actors Guild Awards in January that the streaming giant would like to work with Harry and Meghan, adding, “ Who wouldn’t be interested? Yes sure.’

The decision to work with Netflix is ​​also a step reminiscent of former President Barack Obama and his lawyer wife, Michelle.

In January, sources confirmed that the couple discussed their plans with Obama and wanted to imitate the way in which they were able to build a successful but dignified life for themselves after the White House.

Since leaving the White House, the Obama family has made a small fortune by selling the rights to their CVs and creating their own production company, which has struck a lucrative deal with Netflix.

A source said: “ They’ve had a massive commercial success without actually looking like they’re dirtying their hands, honestly, and maintaining their popularity.

“In fact, it’s fair to say that their star has risen since leaving the White House, especially Michelle, and that’s something Meghan respects very much.”

After Megan and Harry stepped down from their position as senior royals, they signed with the New York-based Harry Walker Agency in June, which represents the Obama and Clinton family.

Megan has appeared several times as a speaker at various internet summits, but it is understood that she was not paid for these engagements.

Experts estimate the Sussexes will earn an impressive amount from public speaking, with one agency estimating that the couple could earn up to $ 500,000 each from one appearance.

In February, a PR expert told DailyMail.com that the couple may have won “up to a million dollars” between them to speak at the star-studded JP Morgan summit in Miami, and insisted the couple would be the “highest-paid speakers. In the corporate market.”

“I wouldn’t be surprised if they earned more than $ 1 million,” said Ron Turossian, CEO of New York-based 5W Public Relations, of their interaction with JP Morgan.

“Throughout the year, their earning power may be unlimited.”

Meanwhile, GDA spokespeople, whose clients include Nicole Kidman and Diane Keaton, told TMZ that the Duke and Duchess would likely attract significantly higher fees than regular celebrities, even without the titles of His Royal Highness.

The majority of celebrities earn between $ 200,000 and $ 300,000 for participating in speaking, but the agency estimates that Harry and Meghan could each earn twice that amount thanks to their impressive global standing.

Umaid Scobey, co-author of Finding Freedom, claimed the couple have big plans for the next few years, and are relying their business model on the Obama family.

He said their plans “are not much different” from what the former president devised after leaving the White House and founding the High Ground production company.

He referred to the multi-year production deal that Obama struck with Netflix to produce films and documentaries covering topics such as race, social class and civil rights.

Harry and Meghan’s public interests have largely focused on social issues, environmental concerns and mental health – so it is possible that their project will be focused in these areas.

Although it is not known exactly how much the former president and first lady concluded their Netflix deal, those who signed similar agreements plan to win millions.

Shonda Rhimes, who created Grey’s Anatomy and Scandal, signed a five-year contract with Netflix in 2017 valued at $ 150 million.

The following year, American horror story maker Ryan Murphy was reported to have scored up to $ 300 million when he signed his own five-year contract with the broadcast giant.

Reports of Harry and Meghan’s elusive project came days after it emerged that the couple had secretly purchased a private family home in Santa Barbara, abandoning the 12-room Beverly Hills mansion in Tyler Perry for “ great privacy. ”

The couple bought the sprawling nine-bedroom, 16-bath mansion in upscale Montecito for $ 14.65 million on June 18.

Real estate listings indicate that the house took nearly five years to build and included a library, office, spa with separate dry and wet sauna, gym with a stripper pole, games room, driveway, theater, wine cellar, and garage for five cars.

It also comes with a host of A-list neighbors who can help them fulfill their aspirations in Hollywood, including Ellen DeGeneres and Oprah.