Netflix’s Stranger Things series finale hit both the streaming platform and roughly 600 cinemas on New Year’s Eve and held encore screenings on Jan 1, generating an estimated $20 to $25 million at the box office and providing a rare holiday lift for U.S. theaters. The show’s simultaneous theatrical release relied on mandatory food and beverage vouchers rather than ticket sales because of the cast’s residual terms, a structure that produced notable concession revenue for chains that participated. AMC reported that 231 of its locations screened the finale and that more than 753,000 viewers attended over two days, accounting for over $15 million of the aggregate total. The event underscored renewed interest in theatrical experiences while highlighting contractual and revenue complexities around hybrid streaming releases.
Key Takeaways
- The finale screened in about 600 cinemas over Dec 31–Jan 1 and produced an estimated $20–25 million in box office-style revenue according to multiple reports.
- Due to cast residuals, theaters did not sell traditional tickets; instead fans purchased mandatory concessions vouchers, with AMC and Cinemark charging $20 and Regal charging $11 per voucher.
- AMC showed the finale at 231 of its U.S. locations, representing roughly one-third of all theaters that hosted screenings, and said more than 753,000 viewers attended across two days.
- AMC attributed over $15 million of the revenue to its screenings alone, making it the largest single-chain contributor to the overall total.
- Industry context: Comscore projected 2025 revenue for the U.S. and Canada at $8.87 billion, a modest improvement over 2024 and only about 20% above pre-pandemic levels.
- Ticket demand lagged industry expectations for the holiday season: as of Dec 25, an estimated 760 million tickets had been sold in 2025, down from more than 800 million in 2024 per EntTelligence.
Background
Theatrical attendance in North America has struggled to fully rebound since the pandemic, with industry trackers showing slow, uneven growth and persistent reliance on franchise tentpoles. Studios and streaming platforms have increasingly experimented with hybrid windows and limited theatrical events as a way to create eventization and recapture communal viewing. Those experiments collide with legacy contracts that guarantee performers residuals based on theatrical exhibition, which can restrict standard ticketing models for premieres tied to streaming releases.
Stranger Things, created by Matt and Ross Duffer, has been one of Netflix’s most valuable global properties, and the decision to stage a simultaneous theatrical engagement for the finale reflected both fan demand and a desire to treat the episode as an event. The scale of cinema participation — roughly 600 locations nationwide — was enough to register meaningfully in weekend box office tallies, even though the revenue mechanics differed from a conventional film release.
Main Event
On Dec 31 and Jan 1, participating chains offered reserved seat screenings but collected payment through mandatory concession vouchers rather than admission fees, a workaround driven by the show’s residual terms. AMC and Cinemark set voucher prices at $20, while Regal opted for an $11 voucher price, a deliberate nod to the show’s lead character Eleven. Attendance reports indicate widespread sellouts in several markets, with chains emphasizing the event nature of the engagement.
AMC — the world’s largest exhibitor — hosted the finale in 231 theaters across the U.S., which the chain said represented about one-third of venues that carried the screening. AMC reported over 753,000 attendees across its locations over the two-day window, and estimated those engagements generated more than $15 million in revenue for the chain, primarily through the concession voucher model.
Executive commentary amplified the moment: AMC CEO Adam Aron promoted the limited screenings on Dec 30 and described packed houses and sellouts on social channels, encouraging further attendance. The limited run, timed to the holiday period, aimed to capitalize on available leisure time and the finale’s cultural profile to boost in-person foot traffic amid a season that otherwise showed modest gains.
Analysis & Implications
The Stranger Things theatrical strategy highlights how exhibitors and studios can monetize eventized screenings without violating contractual residual obligations. By converting consumer payments into mandatory concession purchases, theaters preserved the appearance of a nontraditional box office while still capturing meaningful per-patron spend. For chains with healthy concession margins, that model can produce outsized revenue relative to the number of seats sold.
For the broader industry, the affair offers a proof of concept for limited-run theatrical events tied to streaming content: it can drive foot traffic, create PR momentum, and generate ancillary revenue, but it is not a straightforward substitute for traditional ticketed releases. Chains that opt out of participation for contractual or logistical reasons forgo the immediate revenue and the marketing halo, while those that participate must balance fairness and optics around pricing choices.
Contractual complexities remain central. Residual and union agreements were the proximate cause of the voucher approach, and any future scaling of this model will likely require renegotiation or clearer industry-wide standards. Financially, even a successful event like this alters revenue composition — boosting concessions and one-off grosses without necessarily translating into sustained increases in season-long admissions.
Comparison & Data
| Metric | 2024 | 2025 (est) | Stranger Things event |
|---|---|---|---|
| North America box office revenue | Approximate pre-pandemic baseline | $8.87 billion (Comscore forecast) | $20–25 million (estimated) |
| Total ticket sales | >800 million (2024) | ~760 million as of Dec 25, 2025 (EntTelligence) | ~753,000 attendees at AMC locations over two days |
The table places the limited theatrical event in context: the finale’s estimated revenue is meaningful as a concentrated boost but small relative to annual box office totals. The attendance figure reported by AMC is substantial for a two-day window and demonstrates the capacity of IP-driven events to concentrate audience interest into short timeframes.
Reactions & Quotes
Our year ends on a high: Netflix’s Stranger Things series finale to show in many AMC theatres this week. Theatres are packed. Many sellouts but seats still available.
Adam Aron, AMC CEO (tweet, Dec 30, 2025)
More than 753,000 viewers attended a performance at one of our cinemas over two days, bringing in more than $15 million.
AMC Theatres (company attendance and revenue statement)
Industry observers noted the novelty of the revenue mechanism and observed that while the event was commercially successful in the short term, it did not resolve longer-term trends of uneven attendance across release windows. Analysts also flagged potential consumer confusion about paying for concessions rather than admission and questioned whether such events scale beyond marquee properties.
Unconfirmed
- The precise industry-wide total between $20 million and $25 million remains an estimate compiled from multiple reports and has not been published in a single consolidated accounting by an official industry body.
- Detailed revenue splits between chains beyond AMC’s disclosed figures have not been independently verified and may vary by market and concession pricing.
- The longer-term impact on box office trends and whether studios will replicate this exact voucher model at scale is still uncertain and will depend on contract negotiations and exhibitor willingness.
Bottom Line
The Stranger Things finale demonstrated that high-profile streaming content can be converted into profitable theatrical events under the right circumstances, delivering concentrated attendance and meaningful concession revenue over a short window. While the $20–25 million estimate is small against annual box office totals, the event is notable for driving hundreds of thousands of in-person visits during a season of otherwise modest theatrical gains.
For exhibitors and studios, the experiment offers a tactical playbook for eventization but also underscores the constraints of legacy contracts and the need for clearer frameworks if hybrid theatrical windows become more common. Observers will watch whether this approach becomes a recurring tool for marquee streaming properties or remains a niche tactic reserved for the most culturally resonant finales and premieres.
Sources
- Los Angeles Times (news report)
- Comscore (industry data firm; 2025 box office forecast)
- EntTelligence (media and entertainment data firm; ticket sales estimates)