The deal with Archewell Audio, the pair's new audio-first production company, will focus on podcasts that will "build community through shared experience, narratives, and values," according to a Spotify press release on Tuesday.
Although the series won't air until 2021, the Duke and Duchess will release a holiday special later this month featuring "inspirational guests."
"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," they said in a joint statement in the press release.
Terms of the deal weren't disclosed, but previous Spotify deals with high-profile names give a clue to its worth. The streaming service signed with Joe Rogan earlier this year in a deal worth a reported $100 million. To be sure, Rogan is a giant in the podcasting space and Meghan and Harry don't have podcasting experience.
If 2020 is any indication, Meghan and Harry may continue to build their post-royal wealth — and a potential billion-dollar brand — with similar deals in the years to come.