The Obamas diversify their multi-million dollar media portfolio: Netflix, celebrity podcasts, and now, Broadway

When you’re in the highest echelons of power, stepping back has its difficulties. Saying goodbye to full access and the best connections requires a certain adjustment. But there are people who know perfectly well how to use what they accumulated in positions of authority, among them the Obamas. Almost 10 years after leaving the White House following two successful and highly publicized terms, Barack and Michelle Obama (64 and 61 years old, respectively) have managed to maintain their popularity and even increase it, while also becoming owners of a powerful media empire that turns everything it touches to gold: deals with video and audio platforms like Netflix, books, podcasts, and now, even theater. Because the Obamas have arrived on Broadway.

On March 31, the world’s most famous stages witnessed the revival of Proof, a play with a 25-year history. Written by playwright David Auburn in 2000 to great acclaim, this new version stars Don Cheadle (Ocean’s Eleven, Hotel Rwanda) and Ayo Edebiri (The Bear, Witch Hunt), who are making their New York stage debuts. And with them, the Obamas are also involved. Through their production company, they are venturing into theater for the first time, contributing capital to the production. And, as always, they are playing their cards right. While Fortune estimated the Obamas left the White House with personal wealth of around $12 million, the American press now estimates it to be between $50 and $70 million.

Barack and Michelle are playing it safe. A quarter of a century ago, Proof — which tells the story of a deceased mathematician and how his daughter discovers important historical evidence among his papers and tries to prove its veracity — was a hit. It won a Pulitzer Prize and ran for nearly 1,000 performances in two different theaters until 2003, earning three Tony Awards. It was so successful that in 2005 a film version was made, directed by John Madden and starring Anthony Hopkins and Gwyneth Paltrow. This time around, having Cheadle and Edebiri in the lead roles is a powerful draw for audiences, as is the very limited run: less than four months, until July 19. Opening night will be on April 16, giving the production a couple of weeks to run before the gala performance. On Tuesday, Zendaya attended the premiere and discussed it on a prime-time show the following day. Guaranteed publicity.

The Obamas have invested in the project, which has all the makings of a success, through their preferred vehicle, the production company Higher Ground. Named after a Stevie Wonder song — one of the couple’s idols (to whom they’ve also dedicated a podcast) — they founded it in 2018, when they launched their first audiovisual projects. And, of course, they were on the button. Their first deal was with Netflix in May of that same year, and they haven’t stopped working with the streaming giant since. Initially, they themselves provided both the funding and their likenesses to these projects, but over time they’ve diversified, investing in films, series, and documentaries, many of which the public isn’t even aware they’re involved in.

But they always bear their signature style: they tell stories of overcoming adversity, of Black citizens (like the Oscar-nominated film Rustin, with Colman Domingo, or the documentary American Symphony, with Jon Batiste), or are related to the environment. Their first project made a strong impression: the documentary American Factory, about an abandoned industrial plant in the heart of the United States, won an Oscar in 2020. Their names weren’t mentioned at the time. But sometimes they also contribute their own touch. For example, one of their first projects was Becoming (2020), about Michelle’s new life; but also, 18 months ago, Barack lent his voice to the ambitious documentary series Our Oceans, which they also produced.

The couple has demonstrated their ability to diversify from the outset, when they surprised many with a children’s show on Netflix, Waffles + Mochi, although it ultimately followed the path they had begun in the White House regarding nutritional education for young children. Partnering with the streaming platform — and its CEO, Ted Sarandos, who has always supported them — has been one of the Obamas’ smartest and most profitable moves. Had it not worked out, they probably would have moved on to another company. Because, aside from their 33-year relationship with each other, the Obamas don’t commit to any one platform. In 2019, they signed an agreement, this time with Spotify, to produce content; but in 2022, they decided to end it in favor of partnering with Audible.

From there they now produce some of their most recognizable shows, such as the podcast The Second Opinion, hosted by Dr. Sharon Malone, and especially, for the past year, another podcast called IMO (short for In My Opinion), presented by Michelle and her brother, Craig Robinson. Numerous celebrities have appeared on the show, offering their opinions on various topics posed by the public: from Jamie Lee Curtis to former president Obama, Spike Lee, Conan O’Brien, Carol Burnett, Julia Louis-Dreyfus, Cynthia Erivo, and Bruce Springsteen.

The conversations between the Robinson siblings (Michelle’s maiden name) are a hit. Not only within the platform, but also virally. As with some of the other increasingly popular podcasts — from Call Her Daddy to Las Culturistas — featuring figures from the world of culture and sports, IMO has become another powerful platform for chatting about love, parenthood, finances, age, triumphs, and setbacks, their professions, details of their lives (and also those of the former first lady)... which are easily reproduced by other media, grabbing headlines.

The Obamas’ projects continue to generate interest, regardless of their level of involvement, though they almost always carry a message. In Proof — with a large part of the cast and crew being African American — the focus is on production, away from the spotlight. But they aren’t afraid to occupy it. Like last fall, with a new book.

Former first lady Michelle Obama, the first Black woman to achieve that status, has always been praised for her impeccable taste in clothing, and a decade later, she’s still asked about the fashion she wore during her time in the White House. That’s why last November she decided to release a large-format book, The Look, in which she dissects some of those styles and their details. This has also led to interviews where she explains that she prefers to discuss her style now rather than her presidential career, as she feared it would overshadow the rest of her messages and actions. It became a bestseller. In other words: the Obamas still know how to generate conversation and interest. But also, to monetize it.

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