The boundary between television and cinema continues to dissolve, and AMC Theatres’ latest collaboration with Netflix proves it. Over New Year’s Eve and New Year’s Day, 231 AMC locations screened the series finale of Netflix’s Stranger Things, drawing 753,000 viewers. This theatrical run of a streaming finale has industry observers rethinking what qualifies as “must-see” content.
An Unlikely Partnership
AMC and Netflix began testing joint events less than two years ago, yet the numbers already tell a consistent story. The Stranger Things screenings delivered sell-out crowds, and AMC captured slightly more than one-third of total attendance despite operating only about one-third of participating screens. The chain repeated the feat last October when its venues accounted for over 35% of all tickets sold to Netflix’s KPop Demon Hunters Halloween weekend event. Both companies have since confirmed plans to expand the collaboration through 2026.
The success undercuts the long-held assumption that streaming and theaters are natural enemies. Instead of cannibalizing home viewing, the theatrical events appear to amplify fan enthusiasm: social-media posts from screenings routinely tag both #StrangerThings and #AMC, driving conversation that benefits Netflix’s subscription business and AMC’s concession sales.
A New Era for Event Cinema
Exhibitors have experimented with alternative content for years—opera, sports, concerts—but the scale of the Stranger Things finale points to a different phenomenon: fans willing to leave home for a show they already pay to stream. The draw is communal energy. Theatre sound systems and 40-foot screens help, yet surveys conducted by AMC list “watching with fellow fans” as the top reason attendees bought tickets.
Netflix is not alone in noticing the trend. Amazon Prime Video rented screens for a one-day The Boys season-premiere event last summer, and Disney+ tested similar waters with Doctor Who specials. Each experiment sold out, suggesting a reliable appetite for appointment viewing inside a darkened auditorium.
What’s Next for AMC and Netflix?
Internal memos from both companies outline a slate of 2026 events built around flagship series. While titles have not been announced, executives are targeting season premieres or finales that generate the same “event” status as Stranger Things. Netflix gains incremental revenue and awards-season visibility; AMC fills seats during traditionally soft periods—an arrangement neither party views as temporary.
Long-term, the partnership could reshape production itself. Showrunners now pitch episodes specifically designed for Imax aspect ratios or Dolby Atmos audio, knowing a theatrical afterlife is probable. Writers’ rooms already storyboard crowd-pleasing set pieces that play better with an audience, mirroring how sitcoms once included laugh-track beats.
The Numbers Don’t Lie: A Breakdown of the Phenomenon
Seven hundred fifty-three thousand is not a niche turnout; it equals the combined population of Seattle or Denver deciding, en masse, to watch television in public. AMC captured that traffic with only 231 sites, implying per-screen averages that rival mid-tier studio releases.
The Halloween weekend performance of KPop Demon Hunters reinforces the pattern. On 400 domestic screens, the animated special sold 320,000 tickets; AMC locations, again representing roughly one-third of the footprint, claimed more than 35% of the gross. The consistency suggests brand loyalty rather than luck.
| Event | AMC’s Share of Theaters | AMC’s Share of Attendance | Total Attendance |
|---|---|---|---|
| Stranger Things Finale | ~33% | ~33% | 753,000 |
| KPop Demon Hunters | ~35% | 35%+ | Not disclosed |
What This Means for the Future of Entertainment
Traditional windows—first theatrical, then home video, finally streaming—assumed a rigid hierarchy. Simultaneous or reverse-window experiments blow up that model. When a television episode can earn more per screen than a $30-million indie feature, financing conversations shift. Investors comfortable with straight-to-streaming slates now have a second potential upside, encouraging riskier big-budget series.
For exhibitors, the lesson is survival through flexibility. Instead of insisting on 90-day exclusivity, circuits can monetize fandom at peak hype, then return content to subscription platforms where casual viewers finish seasons. The arrangement keeps projectors humming during mid-week dead zones and drives concession sales that account for 40% of AMC’s gross profit.
Rival streamers face pressure to match Netflix’s visibility coup. Apple TV+ has already booked limited runs for Severance and Foundation, while Warner Bros. Discovery is weighing theatrical marathons for HBO’s House of the Dragon. The race is on to turn prestige TV into communal spectacle.
The Ripple Effect Across Hollywood
Guild negotiations are watching the trend closely. If a streaming episode receives a week-long theatrical run, does it qualify for revised residual formulas? The Screen Actors Guild’s latest contract adds language for “limited theatrical exhibition,” anticipating just such scenarios. Directors and cinematographers likewise lobby for cinema bonuses, arguing that Imax projection demands higher craft budgets.
Marketing departments restructure around two launch dates: the living-room debut that drives subscriptions and the auditorium “fan event” that generates earned media. Trailer drops now tease both drops, and red-carpet premieres happen twice—once in Los Angeles for press, once in multiplexes for paying audiences.
Perhaps the greatest shift is cultural. Water-cooler chatter once centered on weekend box-office winners; today it includes streaming ratings and theatrical event grosses. A generation that grew up on smartphones is discovering the novelty of collective gasps, cheers, and sobs inside a darkened room. The shared ritual, not the screen size, explains why viewers pay for something they already subscribe to.
AMC and Netflix will expand the experiment in 2026 with at least four additional titles, including a live-action fantasy series and a global talent competition finale. If attendance holds, other circuits will lobby for inclusion, and Netflix will gain leverage to negotiate favorable rental splits. The Upside Down has nothing on the upside potential of this revolutionary collaboration.