‘Stranger Things’ Finale Earns $25M+ in Theaters—Netflix Walks Away Without Keeping a Dime, Here’s Why

Netflix’s “Stranger Things” finale made a huge splash in theaters over New Year’s Eve and New Year’s Day, generating more than $25 million in concession sales alone, according to Deadline.

AMC Theaters, the top-performing chain, accounted for $15 million of that total, with 753,000 attendees visiting 231 of its locations.

Unlike traditional movies, ticket sales for the finale were free due to contractual agreements with the cast. To make the event work, theaters required fans to buy concession vouchers, priced at $20 each at AMC.

In total, more than 1.1 million seats were sold across over 620 theaters for the special theatrical event, giving Netflix a major presence on the big screen without the streamer taking any box office revenue.

AMC CEO Adam Aron praised the event in a statement, saying, “This unprecedented theatrical event was nothing less than an absolute triumph… Consumer demand was so high that AMC repeatedly and exponentially added thousands of additional showtimes.” He added that AMC hopes to continue working with Netflix to bring more of its content to theaters in the future.

The success of “Stranger Things” in theaters comes as Netflix nears finalizing its acquisition of Warner Bros., a move that would bring formal obligations for theatrical releases to filmmakers. Industry insiders see the finale as both an experiment and a gesture to theaters. While Netflix co-CEO Ted Sarandos has said the company is “100% committed to releasing Warner Bros. films in theaters with industry-standard windows,” the definition of “industry-standard” remains unclear.

Sources tell Deadline that Netflix may favor very short theatrical windows, possibly only 17 days, far below the roughly 45 days that major theater chains like AMC insist on to protect their business. The streamer has previously pushed for shorter theatrical releases, and the “Stranger Things” event gives a glimpse of how Netflix might handle future theatrical releases.

The series finale began screening at 5 PM EST on New Year’s Eve and continued through New Year’s Day. Netflix does not report box office grosses or theater concession revenue, but the event has already been celebrated as a major win for exhibitors.

Aron concluded, “In both what we just experienced with KPop Demon Hunters and Stranger Things, and in what will come in the months and years ahead, AMC remains committed to seeking mutually beneficial opportunities to join Netflix’s award-winning content with the superb theatrical experience offered day in and day out by AMC Theatres.”

The “Stranger Things” finale shows that Netflix can create big theater events without sharing profits, but it also raises questions about the future of traditional movie releases. Will streaming-first strategies become the norm, or can theaters continue to hold their ground?

What do you think? Could these short-term events help theaters, or will they further weaken traditional movie-going? Share your thoughts in the comments.