Ted Harrison, a theologian and former BBC journalist who was part of the panel said “the whole thing will have to be restructured” from the language used in 1953.
He added: “In the past, the monarchy was a sacred institution, now it’s more aligned with celebrity.
“I’m not saying we’re going to have Elton John at the next coronation, but something will have to be done to rewrite not only the liturgy but also the theology of what a coronation is.”
The session was organised by the Religion Media Centre, an impartial body that helps journalists cover religion in the UK.
Dr R David Muir, senior lecturer in public theology at the University of Roehampton, agreed, saying: “We’ve got to ask ourselves: we’re living in the 21st Century so what are the signs and symbols that we need to maintain which are useful and historically important?
“I heard someone say we wouldn’t necessarily have Elton John – but the question is: why not?
“These things are very subjective and there may be younger people asking why we need a monarchy.
“We have democratic sensibilities which go totally against the ideas of deference, and however one looks at it the monarchy represents deference.
“It represents a group of people being treated radically differently because of their heritage.
“We need to have a conversation.
“Historical institutions are good things, but we shouldn’t be imprisoned by them”.
Another suggestion came from Rev Canon Rosie Harper, who said that the fallout following the Sussexes’ interview “could be a very good moment” for the Royal Family by “serving to demythologise the institution”.
She added that “a healthy way of moving things forward” could see “the head of state role becoming a job” with someone “doing it for an appointed time and maybe retire at 70”, similar to Pope Benedict XVI, rather than it being seen as a life-long sacrifice.
Rev Harper continued: “It can only be sacrifice if it is voluntary and you get born in to the Royal Family.
“If sacrifice is demanded of you it is almost borderline abuse”.
Former royal correspondent for the Guardian, Stephen Bates, suggested the role of the monarch is evolving towards “duty” rather than “sacrifice”, saying: “I suspect Charles has similar feelings about duty [to the Queen].
“Harry has shown that his conception of duty is very different.
“William is more in his father’s image than Harry and perhaps that is better for the institution”.
The Oprah interview was aired in the UK on ITV on Monday night featuring revelations about the Duchess of Sussex’s suicidal thoughts during her time in the Royal Family and allegations that a family member was concerned about “how dark” her children’s skin colour would be.