Netflix has a big TV show problem when ‘Stranger Things’ and ‘Squid Game’ are both over in 2025 — what’s their next hit going to be?

(Image credit: Netflix)

Chances are, it’s one of the few services that most viewers will always have access to. It’s been in the streaming game since the late 2000s, and it’s home to some of the biggest shows that have come out of this new age of TV: “Stranger Things,” “Squid Game,” “Wednesday,” and “Bridgerton,” to name but a few.

When you factor in the extra revenue generated from Netflix’s password-sharing crackdown last year and you consider the streamer’s added a few notable recent releases — “One Piece,” “Nobody Wants This” and “The Night Agent,” say — it feels like the streamer is in a really good place, right? Well, for a while now, I’ve had the feeling that this may not be the case, as, to be truthful, I think Netflix has a TV show problem on its hands.

Netflix needs its next hit TV franchise

(Image credit: Netflix)
Specifically, I mean that the streamer needs to start trying to find its next mega-hit — fast. In the next year or so, most of the streamer’s biggest or most well-known original shows will have ended or will be coming to a close imminently.

For example, we know “Stranger Things” season 5 is due to premiere next summer, and “Squid Game” season 3 is slated to bring the hugely popular K-drama to an end in December 2025. Likewise, “Outer Banks” has been confirmed to only run for one more season, and “Cobra Kai” season 6 concludes with the last batch of episodes next February.

Buzz around “The Witcher” seems to be dying down as we near the final two Henry Cavill-less seasons, and despite being a popular watch earlier this year, viewership numbers for “Bridgerton” season 3 are still down from the first season (according to Netflix’s own Global Top 10 chart).

Even the returning shows that aren’t confirmed to be ending are likely going to run their course fairly soon. Case in point: How much more relationship drama can be wrung out of “Emily in Paris,” and how many more trips can we feasibly take to “Virgin River”?

The only major outlier is “Wednesday.” The Jenna Ortega-led teen mystery/comedy series is second only to “Squid Game” in all-time views and became a certified hit back in 2022, but by the time it returns next year, we’ll have waited over two full years for the series to come back. Can Netflix stay on top if we have to wait that long again for the streamer’s biggest release to return without the promise of other major tentpole shows? I’m not sure.

I’m not trying to be too down in the dumps, as the show has put out a number of popular and well-made originals throughout 2024. I’ve mentioned “Nobody Wants This” already, but we’ve also had “Black Doves”, “A Man on the Inside” “Baby Reindeer” and “One Day.” Still, none of them (at the time of writing) seem to be reaching the same heights as what’s come before.

“Black Doves” is the streamer’s most recent popular show. (Image credit: Netflix)
If the streamer’s newer programming really is failing to eclipse what’s come before, that seems like it spells trouble for Netflix. With the cost of streaming only going up and up as time goes on, it feels important to have exclusives and original programming to help sell your streaming service over competitors in the crowded market.

Max is known for an impressive range of library content along with tons of great HBO exclusives, Apple TV Plus’ whole model primarily relies on its quality originals, and Prime Video had its fair share of successful new shows this year, too. Need I remind you of “Mr. & Mrs. Smith” or “Fallout”?

Yes, Netflix is innovating in other ways — it’s adding live NFL games and the WWE-Netflix partnership deal comes into play in a matter of weeks, for example — and I highly doubt it’s going to drop off the face of the earth anytime soon, but a new watercooler show could be exactly what the streamer needs to stay ahead of the game, without having to rely too heavily on its library of licensed content.