Paramount Gave The Stranger Things Creators One Thing Netflix Couldn't (Or Wouldn't)

A big shakeup took place recently with some of Hollywood's most high-profile creatives. Despite making a name for themselves at Netflix thanks to the success of their sci-fi series "Stranger Things," Matt and Ross Duffer, aka the Duffer brothers, have jumped ship. After battling it out, the Duffers ultimately decided to take a new deal at Paramount. Netflix wanted to keep the duo in-house, but at the end of the day, the new regime at Paramount offered them something that the king of the streaming game simply couldn't.

In a new report from The Wrap breaking down the four-year deal that the Duffers signed with Paramount, it's explained that the exclusive deal includes feature films, television, and streaming projects. They'll be working with Josh Greenstein and Dana Goldberg, the co-chairs of Paramount Pictures. The feature films part is particularly important, as the brothers apparently wanted to make big movies for the big screen. That's something Netflix generally doesn't do, which paved the way for Paramount to win them over. In a statement, the Duffers had this to say about it:

"We couldn't be more thrilled to be joining the Paramount family. [CEO] David [Ellison], Josh and Dana are passionate about bringing bold, original films to the big screen. To be part of that mission is not just exciting – it's the fulfillment of a lifelong dream. And to do so at a studio with such a storied Hollywood legacy is a privilege we don't take lightly. We're also excited to reunite with our friends Cindy [Holland] and Matt [Thunell], who were among the very first to believe in us and an unusual little script we wrote that became 'Stranger Things.' They took a chance on us in 2015, and they're taking a chance again – we can't wait to create new stories together."

This deal came mere days after Paramount's merger with Skydance became official. The new brass at Paramount wants to assert the studio's place in Hollywood, and this deal is part of them putting their money where their mouth is. It also exposes a weakness for Netflix, so far as courting big-name talent goes.

Netflix is the unquestioned king of streaming. The company generated more revenue in 2024 than the entirety of the global box office, and they've made it crystal clear time and time again that they aren't interested in getting into the theatrical part of the business in any meaningful way. They will occasionally give a big filmmaker's movie a very limited theatrical run, but that's about it. That was a dealbreaker for the Duffer brothers, who are looking to make a name for themselves in movies now that "Stranger Things" is coming to an end.

The Duffers even launched their own production company, Upside Down Productions, in 2022. Now, they can produce projects for Paramount, with the option for those projects to go to theaters in a meaningful way. Under the new deal, the duo will create, write, direct, and produce feature films, TV, and original streaming series for Paramount Pictures, Paramount Television, and Paramount+. It's all on the table. (They'll also be able to continue to work on a few Netflix projects, like "Stranger Things" spin-offs and future seasons of a couple other shows that should debut next year.)

At Netflix, their options were limited. If they wanted to make a movie, it would maybe get a limited release, perhaps to qualify for awards or to appease the Duffers. Paramount, on the other hand, wants the Duffers to generate big box office hits — they're actually counting on it. While terms of the deal were not disclosed, Matt Belloni at Puck has heard it was a nine-figure sum over those four years. So the studio needs it to pay off in real dollars and cents terms.

Netflix now has to face up to the fact that many A-list creators want to make movies for theaters. They're giving Greta Gerwig's "Narnia" movie a theatrical release next year, but even that concession has caused friction because Netflix doesn't want to fully commit to it in the way Paramount would. The company is either going to have to accept losing certain filmmakers in the future or opt to make a more meaningful effort to get into the theatrical motion picture business. Since the latter option seems unlikely, perhaps Netflix should be ready to watch other creatives sign lucrative deals elsewhere.