Prince Harry and Meghan Markle announced last week about their multi-million dollar deal with US streaming giant Netflix. The couple told about their plans of producing 'inspirational' programmes in a multi-year contact with Netflix. This is Harry and Meghan's entry into Hollywood.

Prince Harry and Meghan Markle currently live in their £ 11million mansion in the Montecito neighbourhood of Santa Barbara. The Mail on Sundayrevealed that former "Suits" star has pinned her hopes that the deal will land her an Academy Award, which is her childhood dream.

"An Oscar is all Meg has ever wanted. She used to practise her acceptance speech in the mirror with a hairbrush when she was a kid of seven. She would also practise her signature in preparation for all the autographs she would give," a long-time friend of the Duchess of Sussex said.

"Her absolute dream was to achieve the EGOT – the grand slam of showbusiness – which is winning an Emmy, Grammy, Oscar and Tony award. Her acceptance speech has been ready for 30 years. Perhaps now she will get to use it," the source added.

The outlet revealed that Harry and Meghan are following a strategy pursued by Barack and Michelle Obama. The Obamas signed a Netflix deal two years ago and won an Oscar earlier this year for the documentary titled "American Factory".

Harry and Meghan their American spokeswoman said: "The focus will be on creating a wide-range of programmes about stories and issues that resonate with them personally – including highlighting issues that their non-profit [company] Archewell is focused on."

"Enabling a more compassionate and equitable world isn't just something they do through their non-profit, it's a belief they hold and model themselves which will carry through in this venture," she added.

Their unnamed production company, is thought to be called MWX Trading after their Mountbatten-Windsor surname. It hasn't been officially announced yet, but is already developing nature documentaries and an animated series on inspirational women.

The couple is not likely to use their royal titled in the production credits in keeping with their Megxit deal.

Prince Harry and Meghan Markle
Become ordinary? They think they have it in them. Photo: POOL / Jeremy Selwyn

Meghan's Hollywood team, including agent Nick Collins, lawyer Rick Genow and business manager Andrew Meyer, negotiated the Netflix deal. Her team was also trying to forge a deal with Disney, Apple and HBO.