The upcoming fourth season of Netflix hit Stranger Things apparently sent the company piggy bank straight to the Upside Down.
The Wall Street Journal says the series' latest installment cost a whopping $30 million per episode, according to people close to the show.
News of Stranger Things' price tag arrives as Netflix battles a slew of newfound woes, including negative subscriber growth for the first time in over a decade and laggard revenues. Stock prices subsequently plummeted 35 percent in their second-worst one-day decline ever, "erasing $54 billion in market value," the Journal writes.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"Well, it's a b---h," Netflix Chairman and Co-Chief Executive Reed Hastings reportedly said of the news, as he addressed employees on Wednesday afternoon.
For years, Netflix has made a name for itself by "prioritizing growth over cost efficiency." Now, the company is looking to rein itself in. Shows' budgets should start matching the size of their audience, Bela Bajaria, head of global TV and Netflix, said recently, per the Journal. The streamer is also looking to lower costs when licensing content from outside studios and production companies.
In terms of boosting revenue, the company already announced in January it would be raising prices in the U.S. and Canada. It's also exploring the addition of a lower-priced ad-supported subscription tier — something it has long opposed doing. And meanwhile, the company's hoping a crackdown on password sharing will further supplement subscriber numbers.
The streamer should be careful with that last bit, however, the Journal posits — though growth is paramount, alienating viewers by limiting password sharing "could be costly too."
Stranger Things Season 4, Part 1 will premiere on Netflix on May 27.
-
August 10 editorial cartoonsCartoons Sunday's political cartoons include a global plastics problem, GOP enthusiasm over tariffs, and more
-
5 thin-skinned cartoons about shooting the messengerCartoons Artists take on unfavorable weather, a look in the mirror, and more
-
Is Trump's new peacemaking model working in DR Congo?Talking Point Truce brokered by the US president in June is holding, but foundations of a long-term peace have let to be laid
-
The return of 'Wednesday,' an 'Alien' prequel and a dramatic retelling of the Amanda Knox trial all happening in August TVthe week recommends This month's new television releases include 'Alien: Earth,' 'The Twisted Tale of Amanda Knox' and a new season of 'Wednesday'
-
Charlamagne Tha God irks Trump with Epstein talkSpeed Read The radio host said the Jeffrey Epstein scandal could help 'traditional conservatives' take back the Republican Party
-
CBS cancels Colbert's 'Late Show'Speed Read 'The Late Show with Stephen Colbert' is ending next year
-
The 5 best TV reboots of all timeThe Week Recommends Finding an entirely new cast to play beloved characters is harder than it looks
-
Ari Aster revisits the pandemic, Adam Sandler tees off again and Lamb Chop gets an origin story in July moviesthe week recommends The month's film releases include 'Eddington,' 'Happy Gilmore 2' and 'Shari & Lamb Chop'
-
An American girl takes on London, 'Bosch' gets another spinoff and Washington Black leaps from page to screen in July TVthe week recommends This month's new television releases include 'Too Much,' 'Ballard' and 'Washington Black'
-
Netflix and the second screen phenomenonIn The Spotlight Programme makers claim they're being asked to cater for distracted viewers
-
Sirens: entertaining satire on the lives of the ultra-wealthy stars Julianne MooreThe Week Recommends This 'blackly comic affair' unfurls at a 'breakneck speed'
