The announcement comes with Netflix facing unfamiliar pressure, having lost subscribers earlier this year after years of uninterrupted growth, and seeing its share price plummet.
Netflix has confirmed that its wildly popular "Stranger Things" is getting a spin-off series and a new stage play set within its creepy supernatural world.
The sci-fi horror is one of Netflix's flagship and most-watched shows, more than enough reason for the streaming giant's decision announced on Wednesday.
Following a group of teenagers in a fictional US town as they battle monsters from another dimension, the show's most recent fourth season sits atop the streaming giant's all-time viewing rankings for English-language shows.
It has clocked up more than 1.15 billion hours as yet, a figure likely to rise as the final episodes only dropped on Friday, and Netflix's viewing rankings use a metric of total hours watched within 28 days of release.
So far, "Stranger Things" is only surpassed by South Korean smash hit "Squid Game."
The Duffer Brothers have formed Upside Down Pictures, a new production company through which they will develop film and television projects as part of their overall deal with Netflix.— Netflix (@netflix) July 6, 2022
Here’s a sneak peek at a few of the projects that are currently IN DEVELOPMENT:
'Pierced the zeitgeist'
Sibling creators Matt and Ross Duffer had already said season five would conclude the show's "complete story arc," but teased in an open letter to fans in February that there were "many more exciting stories to tell within the world of 'Stranger Things.'"
On Wednesday, Netflix confirmed a "live-action 'Stranger Things' spin-off series based on an original idea by The Duffer Brothers."
A "new stage play set within the world and mythology" of "Stranger Things" is also on the way, with Stephen Daldry ("The Crown") set to direct.
The projects come under a sprawling "overall deal" between the brothers and Netflix which "aim to create the kind of stories that inspired the Duffers growing up -- stories that take place at that beautiful crossroads where the ordinary meets the extraordinary."
"Matt and Ross are an exceptionally unique talent with a vision so crisp and clear," said Netflix content boss Ted Sarandos.
"They are all about the details, it's no accident that Stranger Things has pierced the zeitgeist to become the epic pop culture phenomenon it is today."
The news comes with Netflix facing unfamiliar pressure, having lost subscribers earlier this year after years of uninterrupted growth, and seeing its share price plummet.