Former President Barack Obama and his wife, Michelle Obama, are reportedly on their way to becoming a billion-dollar brand, according to a report Saturday in the New York Post.
What are the details?
The Post noted that the Obamas have remained a household name since leaving the White House and are raking in the cash through Netflix videos, speaking engagements, and books.
The report cited Michelle's latest memoir, "Becoming," as an example. The Obamas reportedly received a $65 million advance for both Michelle's and Barack's books.
On her own, Michelle can reportedly receive upward of $225,000 for a paid speech, while the former president brings in $400,000 per speech. Michelle has embarked on a 10-city book tour for "Becoming." The tour began Saturday in Boston.
In May, Netflix announced a joint venture with the Obamas, in which the two entities would work together to produce films and serial productions with Netflix.
In a statement, the former president said, “One of the simple joys of our time in public service was getting to meet so many fascinating people from all walks of life, and to help them share their experiences with a wider audience.”
“That’s why Michelle and I are so excited to partner with Netflix,” his statement added. “We hope to cultivate and curate the talented, inspiring, creative voices who are able to promote greater empathy and understanding between peoples, and help them share their stories with the entire world.”
The former first lady stated, “Barack and I have always believed in the power of storytelling to inspire us, to make us think differently about the world around us, and to help us open our minds and hearts to others.”
“Netflix’s unparalleled service is a natural fit for the kinds of stories we want to share, and we look forward to starting this exciting new partnership,” she concluded.
The Obamas are expected to receive about $50 million for their Netflix partnership, according to the report.
In addition to these massive numbers, Obama still receives his annual presidential pension to the tune of $207,800.