File Photo: Former U.S. President Barack Obama and former first lady Michelle Obama acknowledge guests during the unveiling of their portraits at the Smithsonian's National Portrait Gallery in Washington, DC, U.S., Feb. 12, 2018. (Xinhua/REUTERS)

WASHINGTON, May 21 (Xinhua) -- Barack and Michelle Obama, former U.S. president and first lady, have signed a multi-year production deal with Netflix, Netflix announced on Monday.

"The Obamas will produce a diverse mix of content, including the potential for scripted series, unscripted series, docu-series, documentaries and features," said Netflix in a statement, not revealing financial terms.

The Obamas have set up a company called Higher Ground Productions as the entity under which they will produce content for Netflix, Netflix said.

Netflix did not specify a timeline and the first content from the Obamas is expected to appear in 2019 at the earliest, according to local media reports.

"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," Barack Obama said in a statement on Monday.

"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," Michelle Obama added.

Netflix is a well-known streaming service which has about 125 million members.