Spotify Axes Harry and Meghan's Podcast. Here's How to Cope if You Lose a Big Freelance Deal

What happened

Spotify won't continue the $20 million podcasting deal it signed with Prince Harry and Meghan Markle in 2020. According to Variety, the streaming giant and the couple's production company, Archewell Audio, will end their partnership. "Spotify and Archewell Audio have mutually agreed to part ways and are proud of the series we made together," the companies said.

So what

Life is very different for the majority of independent workers who don't happen to be part of the royal family. If you're a freelancer, a $20 million deal is almost certainly a pipe dream. And the idea of letting it slip through your fingertips is likely unimaginable. But while the dollar value is different, most freelancers will lose a big contractor at some point. How you handle it could be the difference between failure and success. 

Now what

It isn't clear why Spotify's deal with the celebrity couple fell through. Variety quoted one source that said Prince Harry and Markle weren't keen on their exclusive Spotify distribution, while another said Spotify had hoped the couple would make more content. They've produced one show -- Markle's Archetypes -- for Spotify in nearly three years. 

Depending on which scenario is accurate, one lesson freelancers might take from this is to always deliver on your promises. And try to agree on clear deliverables from the outset to avoid disappointment. Another lesson might be that sometimes it's OK to drop a client if your expectations no longer align.

More widely, losing a big contract can be a blow. It's important to stay positive and not to burn any bridges. Here are some ways to not only cope but also bounce back.

• Understand why you're parting ways: If you're able to politely ask your client for feedback, it could help you in the future. Try to be objective. Sometimes a client will stop using a freelancer because of internal issues. But if it's due to your rates or the quality of your service, that's something you need to address.
• Reassess your budget: Work out where you stand financially and how your reduced income will impact your bottom line. You might need to make some temporary cutbacks to keep your bank account balance in the black.
• Hustle for new work: The good news about losing a big job is that you'll have extra time to dedicate to job hunting. Dust off your portfolio and resume and hit the freelance sites. It can also be worth touching base with old clients and letting them know you're available.
• Use your emergency savings if necessary: In an ideal world, you'll have some cash in your emergency fund for exactly this type of situation. If you need to tap your savings account to cover essential bills, do so. Just remember you'll have to top it up again when you're working more.