MW Could 'Stranger Things' be the next 'Star Wars'-level franchise? The Netflix show has already earned $1 billion.

By Charles Passy

The streaming network released the fifth season of the popular series on Wednesday, with related projects also in the works

"Stranger Things" Season 5 premiered on Netflix just in time for Thanksgiving - and the hit series has been a major moneymaker for Netflix over the past nine years.

"Stranger Things" has already become a billion-dollar earner for Netflix, at least according to one industry report. But now comes the bigger question: Can it turn into a $2 billion one? Or maybe even something beyond that?

Certainly, it's a question on the minds of many entertainment and brand industry professionals, with Netflix $(NFLX)$ having launched the fifth (and reportedly final) season of the nostalgic, horror-centric series on Wednesday.

"Stranger Things" Season 5 is rolling out in three segments, all tied with key holidays - a strategic move that seems designed to maximize viewership. The first four episodes began streaming the night before Thanksgiving. Three more will follow on Christmas Day, and the final one is scheduled for New Year's Eve.

There has been plenty of hype and buzz surrounding the season launch. Time magazine devoted a cover to it. Food and restaurant companies have all sorts of product tie-ins ("Stranger Things"-themed Fruit Roll-Ups, anyone?). And naturally, fans of the show are setting aside time to binge their way through the current and previous seasons.

In short, "Stranger Things," whose first season debuted in 2016, has gone from being a quirky show, rooted in '80s-era pop culture, into a global phenomenon - one that now encompasses a book series, an immersive experience, pop-up stores and even a Broadway show. Plus, an animated series is due next year.

And, yes, "Stranger Things" has earned Netflix at least $1 billion just since 2020, according to Parrot Analytics, a company that focuses on the entertainment industry.

"Stranger Things" is back for its fifth and final season, with David Harbour, left, as Jim Hopper and Millie Bobby Brown as teen superhero Eleven.

"'Stranger Things' is less of a TV show and more of a modern media universe," said Dani Calogera, a former Showtime executive who runs What/If Co., a brand studio.

For proof of the series' massive appeal, consider that when the first episodes of the fifth season began streaming Wednesday, Netflix experienced some brief system issues seemingly tied to the surge in viewers.

But it's not like there isn't risk involved in continuing the franchise: Netflix, is reportedly spending up to $60 million an episode for this fifth season, which translates into a $400 million-plus overall commitment. That easily makes it one of the most expensive productions in television history - and one that rivals budgets for blockbuster films.

"'Stranger Things' is less of a TV show and more of a modern media universe."Dani Calogera, a former Showtime executive who runs What/If Co., a branding studio

Which takes us back to the multibillion-dollar question: Will the risk pay off?

In the short term, there's obviously hope that the fifth season will bring a wave of viewers to Netflix - both "Stranger Things" fans who might have let their subscriptions lapse after the series' fourth season over three years ago, as well as curious folks who might finally decide to watch the show for the first time (clearly, they'll also likely have some catching up to do).

Some in the industry wonder if there's a chance viewers could lose interest in the show. It's the proverbial issue of "jumping the shark," especially given the fact that the "Stranger Things" principal characters have now aged out of their adorable tween selves - and it was their youthful sensibility that helped give the series its initial spark.

But most seem to say the series is simply too beloved for that to happen.

Sunny Bonnell, a brand expert who is the chief executive of the Motto agency, said the show is "one of the few franchises that can still influence culture at scale." She believes Netflix could see a major subscriber lift, and even up to a $200 million boost in revenue from the fifth season.

That's the short term, but what about the long term? Here's where things get tricky, say experts. It's possible that "Stranger Things" could be another "Harry Potter" or "Star Wars"-level franchise - something that can indeed generate billions of dollars over time. But for that to happen, it all comes down to what else Netflix can develop, now that the initial series is coming to a close.

The young cast of "Stranger Things" has grown from tweens in 2016, to the older teens and young adults seen today.

Currently, the Duffer brothers, the siblings who created the "Stranger Things" franchise and continue to direct it, have their sights set on other projects and have signed a four-year deal with Paramount $(PSKY)$ that will reportedly encompass movie, television and streaming projects. But they are still associated with Netflix and have two non-"Stranger Things" series in the works, "The Boroughs" and "Something Very Bad Is Going to Happen."

At the same time, it's clear that "Stranger Things" won't die with the fifth season. A next move could be in the works in the form of a much-discussed spinoff.

As Matt Duffer told Variety: "We just want to make sure that if we're gonna do it, it's something that we're very excited about."

In theory, that spinoff could lead to another, and another, and so on. And that's on top of the aforementioned projects, such as the animated series.

After all, "Star Wars" began with one movie, but it has now spawned multiple pictures and other projects, leading up to Disney+ $(DIS)$ series such as "The Mandalorian" and "Andor." And "The Mandalorian" is itself spawning a movie, being released next year.

If "Stranger Things" starts to follow a similar path, it could become that multibillion-dollar franchise, experts say.

"At this point 'Stranger Things' behaves less like a series and more like a brand, and that means its financial runway extends well beyond the finale," said Bonnell.

As valuable as "Stranger Things" may be to Netflix, Ted Sarandos, the network's co-chief executive, emphasized earlier this year during an earnings call that the company can't rely on just one series to fuel its growth.

It "is about a steady drumbeat of shows and films and soon enough, games, that our members really love and continue to expect from us," he said.

-Charles Passy

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November 29, 2025 11:04 ET (16:04 GMT)

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