The original concept for what would become “Stranger Things” was rejected by more than 15 studios before landing a spot on Netflix’s roster of original programming.

A decade later, the show created, written and directed by Matt and Ross Duffer has become one of the biggest cultural touchstones of the streaming era and has solidified Netflix as not just a competitor, but a leader in the space.

“People always talk about Netflix and [say] our big moment was when we’d put on ‘House of Cards,’ and that was a big deal. But our real moment was when we put on ‘Stranger Things,'” co-CEO Ted Sarandos said during the “Stranger Things” Season 5 premiere in Los Angeles last month.

“‘House of Cards’ was great. It kind of told the world that we’re going to make some really good TV shows,” he continued. “But with ‘Stranger Things,’ this was a lot closer to a ‘Star Wars’ moment. This is a show, characters that move the culture, that spawned live events and consumer products and spinoffs and sequels.”

Volume 1, which consists of the first four episodes, debuted over the Thanksgiving holiday and amassed 59.6 million views in the first five days, the biggest premiere week for an English-language series on Netflix. It ranks third overall behind Season 2 and Season 3 of the Korean series “Squid Game.”

In its second week on the platform, Volume 1 generated another 23.6 million views, topping the streamer’s weekly charts, and each of the previous four seasons saw week-over-week viewership bumps, as fans rewatched prior episodes, Netflix reported.

Volume 2 of “Stranger Things” Season 5, which contains three episodes, arrives on Christmas, and the finale episode, which has a run time of a little over two hours, is set for New Year’s Eve. The finale will be available for viewing in select theaters New Year’s Eve and New Year’s Day.

In a break with tradition, Netflix will not be selling tickets for these screenings. Instead, more than 500 domestic cinemas will sell concession vouchers that will guarantee seating for the showings. These vouchers can be used toward purchases of food and beverages at the venues. Furthermore, theater owners will keep all revenue from these purchases.

Netflix and exhibitors have tangled in the past over release terms, as the streamer does not commit to a prolonged run in theaters for movies that it wants to be eligible for awards contention.

“Nothing would make us happier than to play Netflix theatrical movies in our theaters,” AMC’s CEO Adam Aron said in a statement earlier this month. “We think that could be beneficial for all involved. But as we need to treat our existing studio partners fairly, there is much that still needs to be sorted out to that end. Even so, there is progress.”

When the series debuted, Netflix partnered with consumer brands to create T-shirts, mugs, plush toys and the like, but it was predominantly working with licensees. This means it was collecting fees for other companies to design and make the products, or participating in brand partnerships where no fees were exchanged.

In 2019, the company launched its own consumer products division and two years later its own officially licensed online shop.

Coinciding with the launch of the final season of “Stranger Things,” Netflix announced dozens of partnerships and collaborations with brands across the merchandise, retail and restaurant spectrum.

The streamer has tapped Lego, Funko, Squishmallows, Hasbro, Jazwares and Care Bears to bring “Stranger Things” toys and collectibles to fans of the series. It has apparel and lifestyle deals with Gap, Nike, Crocs, CoverGirl, Zara and Wrangler, among others, and food and beverage collaborations with the likes of Eggo, Doritos, Kellogg, Gatorade and Starbucks.

“We are incredibly excited to partner with so many fantastic brands, offering fans — and fellow nerds — the largest collection of products and experiences in ‘Stranger Things’ history and one of our biggest campaigns yet as we celebrate the fifth and final season of this globally beloved series,” said Marian Lee, Netflix’s chief marketing officer, in a statement earlier this month.

Outside the retail space, Netflix has delved into the live event space, bringing “Stranger Things” to life through an immersive experience that enables fans to explore Hawkins Lab and other iconic locations from the series. It’s currently running in Abu Dhabi, United Arab Emirates, and will open in Mexico City next month.

There is also a play called “Stranger Things: The First Shadow,” which has been running in the West End in London since 2023 and in New York since this spring.

In addition, Netflix has a deal with Epic Games that has brought “Stranger Things” items to the popular online video game Fortnite.

Netflix’s merchandise and live events strategy is more than a way for the company to generate revenue outside of its streaming subscriptions. It helps keep fans engaged with its content during show hiatuses and in between movie sequels, industry experts said.

This playbook is not unique to Netflix, but it showcases the maturation of the streaming service. “Strangers Things” is less of a blueprint that can be adopted by every Netflix show or film, but rather a gold standard for what is possible.

“[Netflix] had a few good shows early on (‘Orange is the New Black’ and ‘House of Cards’), but it took a couple of years of whiffs before they came up with ‘Stranger Things,'” Michael Pachter, analyst at Wedbush, told CNBC via email. “They have had a ton of success since, with shows like ‘Squid Game’ and ‘Bridgerton,’ but it was questionable if they could settle on a formula for coming up with original IP.

“‘Stranger Things’ has remained a solid IP throughout, and has driven a lot of recognition,” he added.