Four episodes of the fifth and final season of ‘Stranger Things’ will be out today|@netflix|X

The wait is over for the final season of Stranger Things, the sci-fi nostalgia series that skyrocketed Netflix’s popularity globally when it debuted in 2016.

Four episodes of the fifth and final season drop today at 8 P.M. ET/ 5 P.M. PT, followed by three more on Christmas, and the finale on New Year’s Eve, also releasing in around 350 theaters. 

The release strategy highlights Netflix’s evolution from a streaming service to a dominant Hollywood force.

The Duffer Brothers’ show is a cult hit. It has shaped online conversation and influenced a wave of 1980s-themed content. While it may end soon, the Hawkins saga is set to continue with an animated spinoff series.

Analysts note that Netflix has come a long way from 94 million subscribers in 2016 to over 700 million now.

It has several culture-defining originals like House of Cards and Orange Is the New Black, and appears less dependent on single tentpole hits. It is more focused on maintaining multiple franchises—like Bridgerton and Wednesday—that appeal to different niches.

The streamer is increasingly focused on targeted programming, offering shows for fans of anime, live sports, gaming, and more.

It is also one of the bidders for Warner Bros. Discovery.