The theatrical screenings of the Stranger Things 5 finale over New Year’s Eve and New Year’s Day have reignited an old industry debate. Many are now questioning whether major television shows are missing out on huge revenue by not fully embracing cinemas.
More than one million tickets were sold across the US and Canada. With average ticket prices close to 20 dollars, industry estimates suggest theatres generated around 20 to 25 million dollars in just one and a half days. This demand surprised even experienced box office analysts.
What makes this more striking is that the finale was already available to subscribers on Netflix at no extra cost. Despite this, audiences were still willing to pay premium prices for the big-screen experience.
However, Netflix cannot legally count this money as box office revenue. Stranger Things was produced and classified as a television series made primarily for streaming. Its contracts do not include theatrical revenue participation.
Unless cinema earnings are clearly written into production and distribution agreements, ticket sales do not flow back to the platform. As a result, Stranger Things officially has zero theatrical grosses, even when shows sell out.
This is where comparisons with The Chosen become important. The Chosen included theatrical exhibition in its business model from the beginning. This allowed it to report official box office numbers and share revenue with exhibitors.
By contrast, Stranger Things treated its cinema screenings mainly as fan events and promotional tools. Most of the ticket and concession revenue remained with theatre owners.
Still, the success of these screenings sends a clear message. Audiences are willing to pay to watch major television moments on the big screen. While Netflix gains publicity and engagement, the episode highlights how much revenue remains untapped without early contractual planning.
For now, the rule is simple. Television can fill cinema seats, but without the right agreements, it cannot claim the box office.
