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Can ‘Stranger Things’ Save Netflix From Its New Self?

The global phenomenon, back after a three-year break, offers the embattled streamer an opportunity to change its narrative with a hybrid-binge drop strategy calculated to lure back subscribers and reduce churn.

Stranger Things cast
Photo: Kevin Winter/Getty Images
Julia Alexander
May 30, 2022

Netflix is experiencing something of an identity crisis. Once the undisputed leader in streaming video, the company is now facing the prospect of slowing growth, heightened competition, high debt, a low hit rate, and a dreary narrative both in Hollywood and on Wall Street. Competitors are offering more premium content and cheaper plans. Meanwhile, subscribers are looking to trim their monthly budgets as the economy slows and prices rise. Not for nothing has Netflix’s stock price plummeted more than 70 percent since last fall.