Netflix Doubles Down on ‘Stranger Things,’ ‘Squid Game’ Spin-Offs

Netflix Doubles Down on ‘Stranger Things,’ ‘Squid Game’ Spin-Offs

Netflix’s subscriber numbers have been a bit Upside Down lately, with the streaming giant shedding customers last quarter instead of adding them.

But one thing that’s still worked well for Netflix is “Stranger Things,” the hit sci-fi horror series that just wrapped up its fourth season. The latest installment surpassed 1 billion hours watched, making it the second-most-viewed title in Netflix history. The show dominates the cultural zeitgeist like few others, with the ability to send singer Kate Bush’s “Running Up That Hill” near the top of the charts 37 years after its release.


So it’s no surprise that Netflix is now doubling down on “Stranger Things,” planning a spinoff series developed by the show’s creators Matt and Ross Duffer. On Wednesday, the streaming giant announced the Duffer brothers launched a new production company called Upside Down Pictures, which is working on several projects for Netflix, including the “Stranger Things” spinoff.

Details are light, but the Duffer brothers have said the new show will be a ”1,000% different” than the flagship series, one that’s unlikely to be centered on main characters Eleven (played by Millie Bobbie Brown) or Steve (Joe Keery). Netflix and the Duffer brothers also confirmed a forthcoming stage play “set within the world and mythology” of “Stranger Things.”

The announcements show that even at a time when Netflix is slashing staff to reign in costs, the company is investing more money into its fan-favorite franchises. The streaming service is making a reality TV series based on “Squid Game,” which Netflix claims will offer the biggest cash prize for a TV competition but presumably less death. That’s in addition to a second season of the Korean dystopian hit.

The company’s expansion into gaming includes a host of mobile titles based on popular series like “The Queen’s Gambit” and “La Casa de Papel.” “Stranger Things” has already gotten the video game treatment.

Building upon proven blockbusters is, of course, not a new idea in Hollywood. But the streaming wars have put the strategy on steroids. Just take a look at Disney Plus, which next month releases “Andor,” a “Star Wars” spinoff that’s a prequel to the spinoff “Rogue One,” as well as “Lego Star Wars Summer Vacation,” in which the galactic battles are put on hold for some much needed R&R. All told, Disney had planned for 10 new Star Wars series and 10 Marvel shows in the near future.

While Netflix lacks that kind of franchise firepower, “Stranger Things” is one of their biggest arsenals. It makes sense that, even as Netflix grasps at new ideas like reversing its resistance to advertising, the company is betting big on something that already works.

The streaming service needs all the help it can get: Netflix not only reported its first subscriber loss in a decade during the first quarter, but predicted that the second quarter would be even worse. That dire prediction came despite knowing that “Stranger Things 4” was set to stream this summer. It’s a sign that, for Netflix, simply adding more “Stranger Things” monsters won’t be a silver bullet.

Thrive Market CEO Nick Green
Image courtesy of Thrive Market

On this episode of Office Hours, host Spencer Rascoff talks with Thrive Market co-founder and CEO Nick Green about his company’s mission to make healthy groceries more accessible.

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Spencer Rascoff

Spencer Rascoff serves as executive chairman of dot.LA. He is an entrepreneur and company leader who co-founded Zillow, Hotwire, dot.LA, Pacaso and Supernova, and who served as Zillow's CEO for a decade. During Spencer's time as CEO, Zillow won dozens of "best places to work" awards as it grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Through his startup studio and venture capital firm, 75 & Sunny, Spencer is an active angel investor in over 100 companies and is incubating several more.

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Steve Huff
Steve Huff is an Editor and Reporter at dot.LA. Steve was previously managing editor for The Metaverse Post and before that deputy digital editor for Maxim magazine. He has written for Inside Hook, Observer and New York Mag. Steve is the author of two official tie-ins books for AMC’s hit “Breaking Bad” prequel, “Better Call Saul.” He’s also a classically-trained tenor and has performed with opera companies and orchestras all over the Eastern U.S. He lives in the greater Boston metro area with his wife, educator Dr. Dana Huff.
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