They continued: "Through our work with diverse communities and their environments, to shining a light on people and causes around the world, our focus will be on creating content that informs but also gives hope. As new parents, making inspirational family programming is also important to us, as is powerful storytelling through a truthful and relatable lens."
It is understood the royals have been holding secret meetings with a number of people in the Hollywood sphere to secure a deal - a feat made much easier given their move to Los Angeles in March.
And it's not the first time they've dipped their toes into the film industry as royals - Duchess Meghan famously narrated the Disney film Elephant, which was released earlier this year, and Prince Harry is also set to appear in a new Netflix documentary Rising Phoenix, which depicts a number of faces and stories of those involved in the Paralympic Games.
The major deal will no doubt be welcome for the Duke and Duchess, who announced their intentions of becoming financially independent from the royal institution back in January when their official exit statement was released.
And while Meghan's roots are firmly based in acting, it's understood the Duchess will likely take a step back from appearing in front of the camera and will work more behind the scenes.
Given their intentions to produce content that's informative, it's also likely that their creations will be more documentary-led.
A spokesperson for Netflix reiterated the company's excitement in collaborating with the Sussexes.
"Harry and Meghan have inspired millions of people all around the world with their authenticity, optimism and leadership," co-chief executive and the chief content officer at Netflix Ted Sarandos said in a statement.
"We're incredibly proud they have chosen Netflix as their creative home – and are excited about telling stories with them that can help build resilience and increase understanding for audiences everywhere."