Stranger Things has been renewed for a fifth and final season, making it a Netflix signature show since its debut in 2016.

In addition to the dramatic renewal, the business announced that the show's long-awaited Season 4 will debut in two "volumes," the first on May 27 and the second on July 1. The split season was caused by the season's nine episodes having a total running time twice as long as any prior season, according to co-creators Matt and Ross Duffer in an open letter to fans (read it in full below).

When the Duffer Brothers first envisioned the program, they estimated that it would take "four or five" seasons to complete, thus the conclusion is not unexpected. Plus, they promised it wouldn't be the end of the franchise.

“There are still many more exciting stories to tell within the world of Stranger Things: new mysteries, new adventures, new unexpected heroes,” they wrote. “But first we hope you stay with us as we finish this tale.”

The third season premiered on July 4, 2019, more than two and a half years ago. Joyce Byers (Winona Ryder) is seen moving her sons (Charlie Heaton, Noah Schnapp) and Eleven (Millie Bobby Brown) out of their Indiana village to start a new life in the film's concluding scenes. The final scene is set in the far east of the Soviet Union, where soldiers are feeding a prisoner to an imprisoned Demogorgon — but "not the American."

The series is one of Netflix's most-watched titles to date, having received three Emmy nominations for Best Drama. Season 3 received 582 million hours of viewing, making it Netflix's second-most-watched English-language series. Season 2 ranked No. 10 with 427 million hours.

Season 4 production was halted for several months last year owing to Covid problems. Last September, the cameras started rolling again. Last summer, it was confirmed that additional episodes would be released in 2022.

The show's reappearance coincides with a pivotal moment for Netflix. Since its quarterly earnings report and first-quarter projection startled investors and sent its shares tumbling last month, it's been on the back foot a little. While the stock has now steadied, it is currently trading at $398.08, a drop of more than 30% since the start of 2022.

Co-CEOs Reed Hastings and Ted Sarandos mentioned Stranger Things during the company's quarterly earnings call last month, as they reaffirmed the company's potential to generate franchises. "As valuable a franchise as exists today in entertainment around the world," Sarandos said.

Netflix, unlike Disney, WarnerMedia, and other streaming rivals, is solely concerned with stocking, perfecting, and selling a single app. It lacks its own century-old IP library, as well as theme parks, television networks, and other cross-promotional platforms. To try to line up new franchises, it has recently made MA and licensing arrangements. Netflix has formed a video game division and is focusing more on consumer products. Stranger Things serves as "proof point" that a franchise can be created "from the ground up" by the firm, according to Sarandos.

Stranger Things, which debuted in 2016, is expected to profit from Netflix's increased focus on franchise development, according to the executives. "It's already operating," Hastings said, "but it's probably just 20% of what it will be in a couple of years in terms of the supplementary boost beyond the title."

Stranger Things is produced by Monkey Massacre Productions and 21 Laps Entertainment and was created by the Duffer Brothers. Along with executive producer/director Shawn Levy and exec producer Dan Cohen of 21 Laps and exec producer Iain Paterson, the twin brothers serve as writers, directors, executive producers, and showrunners on the series.

The following is the entire letter from the Duffer Brothers: