On New Year’s Eve, the series finale of ‘Stranger Things’ launched simultaneously on Netflix and in approximately 600 movie theaters across the U.S. and Canada, with more than one-third of those locations operated by AMC Theatres, the largest exhibition chain in the world. The event continued with encore screenings throughout New Year’s Day, turning the finale into a genuine theatrical box office hit.

Industry sources with access to box office and exhibition data estimate the finale generated between $20 million and $25 million in revenue, marking the strongest theatrical performance yet for a Netflix title. That figure surpasses last summer’s ‘KPop Demon Hunters’ sing-along event, which earned $18 million. Although Netflix does not officially report box office results, such numbers are increasingly appearing on industry charts and being treated as reliable benchmarks.

In a clever workaround, Netflix avoided reporting ticket sales altogether. Fans instead secured seats by purchasing concession vouchers directly from theaters. AMC and Cinemark priced vouchers at $20, with some additional fees, while Regal Cinemas and other chains charged $11, a nod to the show’s iconic lead character.

Earlier in the week, creators Matt and Ross Duffer revealed on social media that 1.1 million vouchers had already been sold. By New Year’s Day, data from Steve Buck’s research and exit-polling firm EntTelligence showed admissions reaching 1.3 million. AMC accounted for roughly one-third of all theaters screening the finale and is expected to have sold the largest share of vouchers, with the chain scheduled to announce its final tally by Monday.

AMC CEO Adam Aron publicly celebrated the success as the year came to a close, noting that the two-day engagement on New Year’s Eve and January 1 had filled theaters, produced numerous sellouts, and still left some strong seat availability. He suggested that total sales would climb beyond the initial 1.1 million figure, even though walk-up business was expected to be lighter due to already packed auditoriums. Aron also confirmed that AMC would disclose its total voucher sales between Friday and Monday.

Netflix and the Duffer brothers first revealed plans for a theatrical release back in October, reversing earlier statements that the finale would remain streaming-only. At the time, the creators expressed long-held enthusiasm for seeing the final episode projected on the big screen, describing the theatrical experience—with immersive sound, large-format visuals, and a shared audience reaction—as the ideal way to bring the story to a close.

The timing is notable, as the Duffer brothers recently signed a four-year exclusive deal with Paramount Pictures to develop feature films once their Netflix contract expires next year. Paramount, like Netflix, has also been linked to interest in acquiring Warner Bros.

Since its debut in 2016, ‘Stranger Things’ has grown into one of Netflix’s most successful series ever and solidified itself as a cultural global phenomenon. ‘Stranger Things’ Season 5 was the most-watched title on Christmas Day for Netflix, worldwide thanks to the release of three new episodes. Those episodes also helped Season 5 to a total of 34.5 million views during the week of Dec. 22-28. That’s the season’s second-best weekly total after its debut with 59.6 million views in November, which was Netflix’s best-ever opening week for an English-language title.

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