Netflix's CEO Ted Sarandos isn't underestimating Meghan Markle and Prince Harry.

Sarandos spoke with Variety for their new cover story about the future of the streaming service, including their partnership with the Duke and Duchess of Sussex. Meghan, 43, and Harry, 40, signed with Netflix for a reported $100 million in 2020 and have since produced a number of shows, including their record-breaking docuseries Harry & Meghan, which chronicled their romance and decision to step back as working members of the royal family.

The Duchess of Sussex's solo endeavor With Love, Meghan premiered earlier in the month, debuting in the global top 10. A second season has already been filmed and will debut in the fall.

While other series produced by the couple's Archewell Productions company — including Polo and Heart of Invictus — didn't produce as large of audiences for Netflix, Sarandos recognizes the Duke and Duchess of Sussex's touch goes beyond numbers.

"I think Meghan is underestimated in terms of her influence on culture," he said. "When we dropped the trailer for the Harry & Meghan doc series [in 2022], everything on-screen was dissected in the press for days. The shoes she was wearing sold out all over the world. The Hermès blanket that was on the chair behind her sold out everywhere in the world."

"People are fascinated with Meghan Markle," he continued. "She and Harry are overly dismissed."

Netflix also has a stake in her new lifestyle brand, As ever, marking its foray into e-commerce as teas, jams and more are set to be available for sale in the U.S. this spring.

Sarandos said, "We’re a passive partner in Meghan’s company, and it’s a big discovery model for us right now."

There's been much speculation over whether Netflix will renew Prince Harry and Meghan's deal, which is coming to an end this year and is similar to the steamer's agreement with Barack and Michelle Obama.

When asked if they would be renewing Netflix's deal with the Obamas, Sarandos said, "I don't want to comment on anyone's renewals. In general, the ones that we've had are bespoke and rationalized around output. I think of them as ‘show-verall’ deals. We outline what we’re going to do together over the next five years and package it in a deal."

The Duchess of Sussex recently opened up to PEOPLE in an exclusive interview, sharing intimate details about her family life, from “day dates” with her 5-year-old son, Prince Archie, to the adorable kitchen habits of her 3-year-old daughter, Princess Lilibet. And like many parents, when the kids go to bed, Meghan and Prince Harry like to unwind with some of their favorite shows.

"We love Shrinking; we just finished Black Doves, and we’re excited for the new season of The White Lotus," she shares.