Before the sci-fi series “Stranger Things” premiered on Netflix, several traditional studios had already passed on it. Its creators were first-time show runners, unknown young actors were cast in lead roles, and even though the show starred kids, it was not for children.
That was nine years ago.
The 1980s-set show about a monster that wreaks havoc on fictional Hawkins, Ind., hit a chord with Netflix’s global subscribers. “Stranger Things” has since become one of the streamer’s most culturally significant shows, with its fourth season garnering 140.7 million views in its first three months and ranking third among its top English-language series. It was instrumental in growing new branches of business for Netflix, including live events, a Broadway production and inspired brands eager to partner on licensed merchandise. It became a major franchise for the platform, a chance to build a universe around its central characters and create its own version of “Star Wars.”
Rayna Lynn Chacon, 26, from Los Angeles dresses as Eleven from “Stranger Things” during the Netflix x CicLAvia event.
(Kayla Bartkowski / Los Angeles Times)
The show helped build Netflix’s reputation as a place that makes big bets on original ideas and, if it’s a hit, can build a large fandom for such programs with its worldwide subscriber base.
Netflix took a chance on show runner brothers Matt and Ross Duffer. The pair never imagined the series, which held its first premiere in Silver Lake at Mack Sennett Studios, would take off the way it did.
That wasn’t lost on Matt Duffer, who stood on stage at the final season premiere inside the historic TCL Chinese Theatre in Hollywood earlier this month. It was the same place “Star Wars” premiered in 1977.
“For me, as a nerd, this is a dream come true,” Duffer told the audience.
In an interview, Bela Bajaria, the chief content officer at Netflix, lauded the success of the series: “You could take a bet on an original story, and grow it to a major franchise that has massive global appeal.”
Other Netflix shows, like “House of Cards,” have certainly captured the zeitgeist before, but co-CEO Ted Sarandos said he believes “Stranger Things” stands above some previous hits.
“This was a lot closer to a ‘Star Wars’ moment,” Sarandos said speaking on stage at the “Stranger Things” final season premiere in Hollywood earlier this month. “This is a show, and these are characters that move the culture, that spawned live events and consumer products and spinoffs and sequels … Everything from the first episode of the first season to ‘The First Shadow,’ the Broadway show, the origin story of the Upside Down, it has been and continues to be a remarkable addition to entertainment culture.”
The four past seasons of “Stranger Things” made it into Netflix’s Top 10 this past week, Netflix said. From 2020 to the second quarter of 2025, “Stranger Things” earned more than $1 billion in global streaming revenue for Netflix and was responsible for more than 2 million new subscriber acquisitions, according to estimates from Parrot Analytics, which tracks streaming data. Netflix declined to comment on Parrot’s estimates.
“Every single streaming service needs that anchor series that drives customer acquisition and helps define the original programming,” said Brandon Katz, director of insights and content strategy at Greenlight Analytics, adding for Hulu it was “The Handmaid’s Tale” and for Disney+, “The Mandalorian.” “’Stranger Things’ has undoubtedly been that for Netflix. Every few years that it does air, Netflix knows there is a guaranteed high ceiling of acquisition, retention and viewership power,” Katz said.
Participants bike past a Demogorgon sleigh during the Netflix x CicLAvia event.
(Kayla Bartkowski / Los Angeles Times)
“Stranger Things” also helped Netflix expand into licensed goods, with brands eager to partner with the platform. There are themed Eggo breakfast foods, Lego sets and clothing.
The series “has been a catalyst for Netflix to explore all of the ways in which a single entertainment property can be turned into an entire global lifestyle,” said Robert Thompson, director of the Bleier Center for Television and Popular Culture at Syracuse University.
Its popularity has helped other creative collaborators as well.
Artists whose songs were featured on the show climbed the charts. Kate Bush’s “Running Up That Hill” was featured in Season 4 and reached No. 1 on the Billboard Global 200 and No. 4 on the Billboard Hot 100, 37 years after its original release, Netflix said. Metallica’s 1986 song “Master of Puppets” also broke the U.K. Top 30 for the first time after it played during the Season 4 finale, the streamer added.
The series has been recognized with more than 65 awards and 175 nominations. Netflix estimates “Stranger Things” has helped create 8,000 production-related jobs in the U.S. over its five seasons and, since 2015, contributed more than $1.4 billion to U.S. GDP. In California, Netflix estimates the series contributed more than $500 million of GDP.
Netflix is doing a large marketing push with fan events in 28 cities and 21 countries as the series draws to a close. On Sunday, the streamer hosted a bike ride on a stretch of Melrose Avenue in partnership with CicLAvia where 50,000 fans were encouraged to dress in ’80s attire, or as a “Stranger Things” character. On Thursday, a “Stranger Things” float appeared in the Macy’s Thanksgiving Day parade.
The company began a phased release of the final season with four episodes that debuted Wednesday. Another three episodes will land on Christmas Day and a two-hour finale Dec. 31 on Netflix. The finale will also play in more than 350 movie theaters in the U.S. and Canada on Dec. 31 and Jan. 1.
“Stranger Things” fans Kelly Audrain and Jason Serstock said they have been rewatching the show from the beginning to refresh their memories on the whole tale, and were still on Season 2 as of earlier this month. The couple attended the premiere of the last season in Hollywood.
“The whole costuming and everything was so perfect that you just feel like you’re taken back to the ’80s,” 29-year-old Audrain said, who was dressed as “Stranger Things” character Eleven in a pink dress and sporting a mock bloody nose.
Lilia Lupercio, 53, left, Audrey Haluska, 15, center, and Janet Lupercio, 45, right, from Downey pose for a photograph with a “Stranger Things” backdrop.
(Kayla Bartkowski / Los Angeles Times)
Netflix is expanding the show’s universe with the animated series “Stranger Things: Tales from ‘85” next year. In April, Netflix’s “Stranger Things: The First Shadow” stage play hit Broadway. The company has also opened “Stranger Things” pop-up stores, held live experiences and will feature immersive experiences at its Netflix House locations, including “Stranger Things: Escape the Dark” in Dallas. In Las Vegas, Netflix will offer themed foods like Surfer Boy Pizza at its Netflix Bites restaurant.
The Duffers recently told Deadline a spinoff is in the works at Netflix. Bajaria declined to share anything about that but said, “I think the world is really rich and there’s still a lot of story in there.”
But there are challenges ahead. Netflix, seen as the leader in subscription streaming, has had two major flagship series end this year — “Stranger Things” and Korean-language drama “Squid Game.” Analysts say the company will need to keep pumping out popular shows and movies to keep subscribers coming back.
Netflix has successfully expanded its “Squid Game” franchise to include reality competition series “Squid Game: The Challenge,” where more than 95% of watchers also tuned into the scripted series. Other popular franchises like Addams family series “Wednesday,” pirates tale “One Piece” and Regency-era romance “Bridgerton” are ongoing. Netflix’s hit animated movie “KPop Demon Hunters” will get a sequel.
Separately, Netflix placed a bid on parts of Warner Bros. Discovery, with interest in Warner’s Burbank studios and HBO, according to people familiar with the matter. If the acquisition is successful, it would greatly expand Netflix’s library of titles and intellectual property.
While the Duffer brothers still have projects with Netflix, they recently signed a four-year exclusive deal with Paramount for feature films, TV and streaming projects. Some industry observers viewed that as a loss for Netflix.
Omar Chavez, 42, left, and Jenna Chavez, 28, right, from West Hollywood walk past a poster during the Netflix x CicLAvia event.
(Kayla Bartkowski / Los Angeles Times)
“The Duffers are so young, and they’re just really beginning their journey,” said Tom Nunan, a former studio and network executive. “I have no doubt they’ll be pushing out more hits and more of a variety of successes in the future,” he said, adding that the brothers’ work at Paramount could compete with Netflix.
Faith Dunn, clad in a green tracksuit, entered the cavernous room full of bunk beds with hundreds of contestants in the highly competitive second season of “Squid Game: The Challenge.” The home health nurse — a huge fan of the popular Korean dystopian series — was Player 361.
Dunn, 29, flew to England for the first time in January to take part in the reality competition series filmed at Shinfield Studios near Reading.
“‘Squid Game’ is the best series I’ve ever watched,” said Dunn, who lives in Springfield, Ore. “They’re really going the extra mile, letting us try this in person. I was extremely excited to go.”
Dunn, along with 455 other contestants, competed to win $4.56 million in prize money in games inspired by “Squid Game.”
The nine-episode second season, which premiered this week, is just the latest example of Netflix’s foray into the world of reality competition shows that cater to the rabid fan base of its most popular programs.
The streaming giant has announced several new reality competitions this year including “The Golden Ticket,” inspired by the world of “Charlie and the Chocolate Factory,” and a reality contest based on the mystery game “Clue.” There are also plans to adapt the cutthroat real estate board game “Monopoly” into a reality series.
Another game show in the works has the working title “Win the Mall.” Billed as the next generation of “Supermarket Sweep” and “The Price Is Right,” the new show will test the knowledge of consumers, Netflix told The Times.
“We look for unique worlds,” said Jeff Gaspin, Netflix’s vice president of unscripted series. “How can we do something that we haven’t seen many times before?”
In all, Netflix has commissioned 34 reality competition seasons this year, according to Ampere Analysis, a market research firm. That represents 9% of TV show seasons ordered — the highest percentage that Ampere has seen since it started tracking Netflix shows commissioned globally in 2020, the firm said.
“They’re expanding the universe of big-budget, high-profile, high-concept reality series because their research tells them that’s what the audience wants,” said Tom Nunan, a former studio and network executive.
It helps to have a hit. “Squid Game: The Challenge” was inspired by Netflix’s most popular show, “Squid Game,” which garnered 265.2 million views globally in its first season in its first 91 days on Netflix in 2021, according to the streamer’s data. That fandom carried over to the reality competition spinoff that launched in 2023. More than 95% of Netflix customers who watched “Squid Game: The Challenge” also watched “Squid Game,” according to Netflix.
“It was so huge globally … finding a show that resonates in just about every territory is rare,” Gaspin said. “So translating it to a reality format seemed like a no-brainer.”
Unlike big-budget fantasy or sci-fi series, reality competition shows usually have lower budgets and many of them are filmed abroad, primarily in the UK and Canada, to take advantage of lucrative financial incentives.
Gaspin declined to disclose the budget for “Squid Game: The Challenge,” but he said the first season’s budget was substantially above $10 million.
“It is by far one of our biggest competition reality shows, and the budget supports that,” said Gaspin, a former executive at NBC Universal Television Entertainment.
The series was filmed on six soundstages in its second season. A large rotating platform was built to depict “mingle,” a game where players must gather a certain number of people in a room under a deadline in order to survive to the next round. Ninety cameras were used to track their movements.
Players also went head to head in teams of five, with their legs tied together, as they raced on a track to complete various challenges, including building a house of cards fast enough to avoid elimination.
Netflix has been taking steps to diversify its business into new areas, such as video games and even mall locations where it can create immersive experiences with fans. Next week the Los Gatos, Calif., company will launch Netflix House in the Philadelphia area where people can go to buy Netflix-themed merchandise or pay for experiences based on Netflix programs.
Unlike other TV networks, which have faced steep budget cuts, Netflix has deep pockets to try new types of programming.
“The fear factor is lower at Netflix than it is anywhere else,” Nunan said. “In other words, they seem much more confident in themselves and then taking a swing with things.”
That’s why Jimmy Fox, head of unscripted development and sales at Fremantle’s U.S. operations, took “Win the Mall” to Netflix.
“Most networks you pitch a highly ambitious show to, they will immediately try to bring you down to earth and strip your idea down to the most basic premise,” Fox said. “At Netflix, you pitch them an ambitious idea, they will stare you in the eye and ask how, together, can we make this even bigger?”
Netflix expanded its push into reality TV in 2018 with the launch of cooking competition shows like “Nailed It!” and “Sugar Rush.”
Since then, the company has developed popular franchises including reality dating shows such as “Love Is Blind,” and created fandoms over reality contestants like Harry Jowsey from “Too Hot to Handle,” who will launch his own show similar to ABC’s “The Bachelor” next year.
Dunn, the “Squid Game: The Challenge” contestant, got the opportunity to apply for the second season of the reality show after she had won a “Squid Game” experience event in Los Angeles.
To prepare for the show, she re-watched “Squid Game: The Challenge” Season 1 and documentaries related to body language and communication.
“I couldn’t believe I had this opportunity of a lifetime and I became obsessed with ‘Squid Game,’” Dunn said. “I got a puppy afterwards, and his name is Squid.”
Netflix fans do not have long left to wait for a brand new season of Squid Game: The Challenge.
456 players will take part in Squid Game: The Challenge season two competing for a huge £4.56 million prize. (Image: NETFLIX)
Squid Game fans have just two days left until a brand new season of a high stakes reality game returns to Netflix screens.
Once again, 456 players will take on a series of brutal games in the hopes of winning a staggering $4.56 million cash prize for season two of Squid Game: The Challenge.
The hit Netflix reality show, based on the popular Korean thriller Squid Game, was a huge success when it first hit screens back in 2023. Another series was announced earlier this year, with it now being just days away.
Unlike the original phenomenon where players are killed if they lose, there will still be devastating impacts as contestant will miss out on winning the life-changing amount of money. Despite the full cast remaining under wraps, Netflix has already announced some huge names, including familiar faces from Selling Sunset and Big Brother.
Episode release schedule explained
Squid Game: The Challenge season 2 will return to screens on November 4. However, not all episodes will be released straight away.
Instead, fans will have to wait a week for different instalments for the three week run.
On November 4, fans will be treated to four episodes as a group of brand new players are introduced to the game.
November 11 will then see the next three episodes aired.
But fans will have to wait until November 18 for the remaining episodes in the huge season finale.
Squid Game The Challenge games
With subtle nods to various games, executive producer Nicola Brown told Tudum: “Those little Easter eggs are important for both the viewers at home and the players.
“The first thing they do when they walk into the dorm is look at the walls and try to figure out what the new games might be.”
Here are some games fans can look forward to:
The count – a brand new game that will determine how the competition continues
Six-Legged Pentathlon – teams race head to head, with legs tied together with mini games thrown in
Catch – a brand new game which games designer Ben Norman teases is not as simple as it sounds
Mingle – players on a carousel must gather in groups consisting of a number called out and walk into an adjoining room
Marbles – with the same rules as season 1 players again partner up and given a bag of marbles and 30 minutes
Slides and Ladders – a new game that turns the familiar board game into something high stakes and “oversized”
Circle of Trust – blindfolded at desks in a circle, the player who received a gift box must guess who gave it to them
Finale game – Remains a mystery for now
Is there a season 3?
With season 2 just days away, Netflix has already geared up for another season of the hit reality show. Anyone wishing to take part can apply online for a chance to compete.
However, according to Tudum, there is another way to get on the show. Tudum hints: “Player recruitment for Season 3 is also now taking place through Squid Game: The Experience inboth New York and London.
“Winners at the immersive, IRL experience will receive priority in the casting process, though this does not guarantee they will be selected to take part in Season 3.”
Squid Game: The Challenge season 2 premieres Tuesday, November 4 on Netflix.
