A musical based on the life of Princess Diana will premiere on Netflix ahead of its Broadway debut. Getty Images
A musical based on the life of Princess Diana will premiere on Netflix ahead of its Broadway debut. Getty Images
A musical based on the life of Princess Diana will premiere on Netflix ahead of its Broadway debut. Getty Images
A musical based on the life of Princess Diana will premiere on Netflix ahead of its Broadway debut. Getty Images

Princess Diana musical will stream on Netflix ahead of 2021 Broadway debut


Sophie Prideaux
  • English
  • Arabic

A new musical about Britain's Princess Diana will be filmed without an audience and air on Netflix before it debuts on Broadway.

Announcing the news on Wednesday, the show's producers said Diana will be available on the streaming platform in early 2021, as Broadway remains closed due to the coronavirus pandemic.

"We couldn't be more excited to finally be able to share our show with theatre lovers everywhere," the producers said in a statement. "Though there is no substitute for the live theatre, we are honoured to be a part of the quality entertainment that Netflix provides its subscribers worldwide."

Diana had been set to open this March, but the debut was delayed as Broadway closed its theatres to help prevent the spread of Covid-19.

The production, which chronicles Diana's courtship and marriage to Britain’s Prince Charles and eventual divorce, is now scheduled to open on May 25, 2021.

From left, Judy Kaye, Erin Davie, Roe Hartrampf and Jeanna de Waal who will appear in the upcoming musical 'Diana'. AP
From left, Judy Kaye, Erin Davie, Roe Hartrampf and Jeanna de Waal who will appear in the upcoming musical 'Diana'. AP

The Actors' Equity Association, a labour union representing stage actors, said it had approved a safety plan for rehearsals and recording of the musical. The plan includes regular coronavirus testing, isolating actors and stage managers and changes to ventilation in backstage areas, the group said in a statement.

Ahead of its postponement, the show had started a number of preview runs in early March, and it’s fair to say the resulting reviews split opinion.

The LA Times was damning in its verdict of the show, saying it is "no more British than The Real Housewives of New Jersey". The Times' critic Charles McNulty added that the show is "as American as Applebee's [and] has a generic quality that for all its efficient smoothness seems culturally misplaced".

McNulty concluded: “The show doesn't work, but that hardly matters these days for a musical that can draw in the tourist masses.”

The Hollywood Reporter was less harsh in its assessment. The Reporter's Deborah Wilker claimed that the show "seems to have many of the pieces needed for a hit", and added that the British public would "eat it up".

The news comes just days after it was revealed that the filmed version of smash Broadway hit Hamilton, which aired on Disney+ in July, racked up three times more viewers than the most-watched show on streaming rival Netflix.

Audience research compiled by 7Data showed that 37.1 per cent of survey respondents watched Hamilton last month, compared to the second widest-reaching show on Netflix, true crime documentary series Unsolved Mysteries, which 13.7 per cent of respondents had watched.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”