Prince Harry and Meghan Markle’s exit from their official royal duties might just pay off.
The couple, who announced they’d be stepping down as ‘senior’ royal members and work to become ‘financially independent’ in a bombshell Instagram post on Wednesday, filed to trademark the name of their brand ‘Sussex Royal’ in the UK.
“The young royals are an extension of British soft power, acting as one of the biggest pull factors for tourists visiting this country,” David Haigh, CEO of business valuation consulting firm Brand Finance, told Yahoo Finance in an email. Book deals, signings and public appearances could also add extra income. Something the couple was banned from doing as full-time members of the royal family.
One concern amongst royal experts is that the move will damage the brand of the British monarchy as a whole — especially considering the royal family injects roughly $2 billion dollars into the U.K.’s economy every year, according to Brand Finance. “The evolving role of the young royals will still be valid and interesting. People will continue to follow the brands that are endorsed by the young royals,” he said.
Last year, the Sovereign Grant totaled $107.9 million, although it is unclear exactly how much Harry and Meghan received as part of their allowance.
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