‘Stranger Things’ creators reportedly set to leave Netflix for Paramount as theatrical windows take center stage
Netflix may be on the verge of losing the creative force behind one of its defining series.
Industry reports indicate that Matt and Ross Duffer — the sibling duo behind the global hit “Stranger Things,” known for writing and directing many of its episodes — have been weighing an exclusive move to Paramount. Recent chatter suggests they’ve made their decision, aligning with the studio now operating under Skydance’s umbrella.
The Duffers’ ambitions have grown with each season of their flagship series: runtimes stretched, set pieces expanded, and the production scale ballooned. By Season 4, the per-episode spend was widely reported to have reached around $30 million, underscoring the brothers’ appetite for cinematic scope.
It follows that their next chapter could be built around large-scale, theatrical tentpoles. That’s a space where Netflix has historically wrestled with the traditional movie business. The streamer does occasionally put films in theaters, but it typically resists lengthy exclusive theatrical windows before streaming — a stance that has kept many major chains at arm’s length. Even Netflix leadership has cast the old model as a relic, arguing that the future centers on on-demand access.
Theatrical exclusivity, however, remains a priority for many top filmmakers. One recent example: the first installment of a new fantasy franchise from a high-profile director is slated to debut exclusively on IMAX screens for roughly two weeks — potentially longer — before landing on Netflix in time for Christmas Day 2026. Insiders say similar considerations around a guaranteed theatrical component proved pivotal for the Duffers, turning into a make-or-break element in their talks.
In the near term, Netflix viewers won’t feel the absence. The final season of “Stranger Things” is set to roll out later this year in three parts, keeping the cultural juggernaut front and center on the platform. Beyond that, the Duffers have two additional series already slated to hit Netflix in 2026, ensuring their creative DNA remains on the service for the foreseeable future.
Meanwhile, the broader “Stranger Things” universe continues to expand. A stage prequel has taken the story to Broadway, an animated series is on the way, and a live-action spinoff has been reported to be in development. Whether or not the Duffers’ next moves unfold under a different studio banner, the franchise they launched shows no signs of slowing down.
For Netflix, the moment highlights a strategic crossroads. Competing for marquee, big-budget storytellers increasingly hinges on theatrical flexibility — not just spend. As streamers, studios, and exhibitors renegotiate the role of windows, the projects (and creators) that demand the full theatrical treatment are likely to determine where the next generation of blockbuster storytelling calls home.
