After ‘Stranger Things,’ what’s next for Netflix?

The news: The fifth and final season of “Stranger Things” on Netflix is slated for a 2025 release. The announcement kicks off the end of an era as Netflix bids farewell to a show that became a central part of its branding and served as a pillar of its content strategy since first airing in 2016.

Zooming out: “Stranger Things” is almost synonymous with Netflix, featuring prominently in its branding from merchandise to its effort to launch brick-and-mortar locations. With its most recognizable original content offering set to end, what’s next for the company?

• Despite the finale, “Stranger Things” is unlikely to disappear. Netflix will likely launch spinoffs, films, and other media based on the show to continue its legacy and audience pull. Netflix also is investing in other scripted content like “Emily in Paris” and the second season of “Squid Game,” its most-viewed original series.