Netflix is bidding farewell to two of its most iconic shows, Stranger Things and Squid Game, both of which are set to conclude in 2025. This marks a significant turning point for the streaming giant as it shifts its focus towards live events, reality TV, and ad sales.

The two shows have been instrumental in Netflix's success, with Stranger Things pushing into mainstream culture and Squid Game expanding its reach to a more global audience. However, with their conclusion, Netflix is entering a new era, one that is more expansive and diverse in its content offerings.

According to Netflix's chief content officer, Bela Bajaria, the streamer's goal is to be the best version of everything, catering to a wide range of audiences. This means a mix of different types of content, including sports and live programming, reality shows, true crime documentaries, and series aimed at specific local audiences.

The shift in focus is also driven by Netflix's introduction of an ad-tier, which requires the streamer to appeal to a broad audience to serve commercials effectively. This is a departure from its earlier strategy of relying on singular blockbuster shows to drive subscriptions.

While Netflix has attempted to create other tentpole franchises, none have achieved the same level of success as Stranger Things and Squid Game. The Witcher, for instance, got off to a great start but has been in decline, and other franchises like 3 Body Problem haven't become the prestige hits Netflix had hoped for.

However, this doesn't mean Netflix won't have ultrapopular shows in the future. Bridgerton and Wednesday are still going strong, and the streamer will likely continue to produce spinoffs of its successful shows. Additionally, upcoming international shows like Last Samurai Standing could have the same kind of surprise breakout appeal as Squid Game or Shōgun.

Despite this, the importance of these series for Netflix's business isn't as pronounced as it once was. The streamer's focus on live events, reality TV, and ad sales has changed the calculus, making consistent new releases for its various demographics a key strategy.

As Netflix navigates this new era, it's clear that the streamer is undergoing a significant transformation. While it may not be the same without its flagship shows, Netflix is poised to continue its dominance in the streaming landscape.