For years, Netflix has had a contentious relationship with movie theaters, but in 2025, there were signs suggesting that dynamic was shifting in a positive direction. Outside of the typical awards qualifying runs for Oscar hopefuls like Frankenstein and Jay Kelly, Netflix strengthened its partnership with multiplexes in some interesting ways. It was announced that Greta Gerwig’s Chronicles of Narnia reboot will get an IMAX-exclusive run before it hits streaming, and Kpop Demon Hunters took advantage of weak box office windows to give Netflix its first-ever No. 1 box office hit. Netflix ended the year with a bang in the form of the Stranger Things finale, which played on the big screen over New Year’s. Unsurprisingly, it was a huge draw.
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According to The Hollywood Reporter, the feature-length Stranger Things finale is estimated to have earned somewhere between $20-25 million over its special two-day run in theaters. That figure is higher than the $18 million Kpop Demon Hunters grossed over the summer. The catch here is that the $25 million came in the form of theatrical concession vouchers (as opposed to traditional ticket sales), meaning the money doesn’t have to be split between exhibitors and Netflix. The theaters get to keep all of it.
Stranger Things’ Box Office Success Explained
Perhaps the most impressive aspect of the Stranger Things finale turnout is that this theatrical event coincided with the episode’s release on Netflix. Fans could have easily stayed home and watched it, but the allure of catching the final chapter on a big screen proved to be too appealing. That isn’t entirely surprising, given that Stranger Things has always been a very cinematic TV show with its high genre concepts and action set pieces. Plus, getting to experience the show’s ending with a group of people made it all the more special.
The Stranger Things finale and Kpop Demon Hunters felt like Netflix testing the waters in the theatrical landscape, and the streamer will undoubtedly be pleased with the results. The financial figures highlight the value of putting together special events like this, and Netflix will probably be interested in pursuing additional opportunities down the line. It’ll be interesting to see if they’re now emboldened to do these things more frequently, or if they’ll continue to be selective on a case by case basis. Stranger Things and Kpop Demon Hunters are two of Netflix’s most popular titles ever and were safe box office bets. Other movies or shows on Netflix’s slate may not be as significant a draw.
New Year’s typically isn’t the biggest window at the box office (new releases this past weekend were We Bury the Dead and The Dutchman), so this was the right lane for something like the Stranger Things event. At the same time, Netflix was still contending with holiday holdovers such as Zootopia 2 and Avatar: Fire and Ash, both of which have proven to be massive box office hits. So, Stranger Things was able to hold its own against robust competition. It may have even outgrossed Fire and Ash over its two-day run (the Avatar threequel made $23.7 million during the same time period).
Hopefully, 2025 marked the beginning of a new era for Netflix and theaters. The two parties will likely be working closely together in the coming years, as Netflix has emerged as the victor of the bid for Warner Bros. Movie fans have expressed concern over how the Warner Bros. sale could impact theatrical distribution moving forward. The Stranger Things finale posting strong numbers in a limited-time event won’t assuage all of those fears, but if Netflix keeps finding success with theatrical releases, they’ll only be encouraged to keep giving its titles theatrical runs.
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