A decade-defining pair of Netflix franchises has now closed within a single year, leaving the streamer without an obvious emblem at the moment rivals such as HBO and Disney lean on inherited worlds that have long been part of cultural memory. Paul Tassi, writing for Forbes, examines the candidates with the patience of someone who has watched many giants rise and fall, finding in KPop Demon Hunters a towering success that cannot yet hold the role because it arrives as a single film with a distant sequel. Wednesday and Bridgerton remain plausible anchors, though both show signs of strain. The li
After Stranger Things and Squid Game, Netflix Has No Obvious Face, and KPop Demon Hunters Falls Short
Netflix lost both of its biggest franchises within a single year.
Mark
Why does it matter that Netflix doesn't have a single face?
Mimi
Because rivals do. HBO has Game of Thrones and DC, Disney has Marvel and Star Wars. Netflix had Stranger Things and Squid Game, and both ended within a year.
Mark
KPop Demon Hunters seems like the obvious successor.
Mimi
By the numbers, yes. It's the most successful Netflix movie ever, with 100 million more views than Wednesday season 1, and it's nearing six months on the top 10.
Luke
Worth saying those are the columnist's figures from Netflix's lists, and this is an opinion piece. The argument that it can't carry the brand rests on his sequel estimate.
Mimi
Right, he says four to five years, based on other Sony Animation projects. That's an inference, not an announcement.
Mark
And a TV version?
Mimi
He says it doesn't seem to be happening, and it would be hard, with the animation workload and the need for new hit songs.
Luke
Seems to be, not confirmed either way. We don't actually know Netflix's plans.
Mark
What about Wednesday?
Mimi
Season 2 had under half of season 1's views in its first 90 days, and a bit over half the viewing hours.
Luke
Though season 5 of Stranger Things has no numbers yet, so any comparisons there are incomplete. And his prediction that the next hit is unpredictable is, by its nature, not something the evidence can test.
Il Polso
- Stranger Things and Squid Game have both wrapped, leaving Netflix without a clear flagship franchise just as rivals press their famous IP.
- KPop Demon Hunters is the platform's biggest movie ever, yet a sequel may be four to five years away and no series is in development.
- Wednesday season 2 drew under half of season 1's early views, raising doubts about whether its momentum can carry the franchise.
- Bridgerton's rankings are slipping, with season 4 missing the top 10 entirely, while season 5 has no date.
- Netflix's next anchor may arrive unpredicted, and watchers are tracking the Wednesday season 3 timeline, the Bridgerton premiere, and any KPop Demon Hunters follow-up.
A decade-defining pair of Netflix franchises has now closed within a single year, leaving the streamer without an obvious emblem at the moment rivals such as HBO and Disney lean on inherited worlds that have long been part of cultural memory. Paul Tassi, writing for Forbes, examines the candidates with the patience of someone who has watched many giants rise and fall, finding in KPop Demon Hunters a towering success that cannot yet hold the role because it arrives as a single film with a distant sequel. Wednesday and Bridgerton remain plausible anchors, though both show signs of strain. The likeliest answer, he suggests, is one no one has yet imagined.
This week Stranger Things aired its fifth and final season, closing one of the two great franchises that defined Netflix's modern era. Squid Game had already ended its run in 2025, so within a single year the streamer lost both of its biggest properties. Forbes columnist Paul Tassi asks the question that follows: what is the face of Netflix now?
The question is older than these endings. For years Netflix has been faulted for lacking the deep, storied intellectual property that HBO and Disney can lean on. HBO has Game of Thrones and DC, and Disney has Marvel, Star Wars, and Avatar. Netflix, Tassi argues, has had only two franchises at that level, and both are now done.
The tempting answer is KPop Demon Hunters, the most successful Netflix movie by a wide margin, with iconic characters and chart-topping songs, and six months on the top 10. But it is a film, and a sequel is likely four to five years away. A television series is not in development, and building one would mean new music and a heavy animation load. It can be the face of Netflix today, Tassi writes, but not for years without new content.
Wednesday is the obvious alternative. Its first season is the most-viewed English-language show in history, and Jenna Ortega has become an icon. Yet season 2 drew less than half the first season's total views in its first 90 days. Some drop is normal after a blockbuster, but this one is large, and its staying power is uncertain. Bridgerton, meanwhile, is slipping: season 4 has fallen off the top 10 altogether, and season 5 has no date.
Tassi's own bet is that the next big hit will be something unpredictable, as Stranger Things, Squid Game, Wednesday and KPop Demon Hunters all were. Its arrival cannot be forecast. For now, the signals to watch are the Wednesday season 3 timeline, the Bridgerton season 5 premiere, and any sign of a KPop Demon Hunters follow-up.
This week, Stranger Things aired its fifth and final season. A few months earlier, Squid Game had finished its run with a oddly split second and third season in 2025. Netflix lost both of its most significant franchises within a single year, and Forbes columnist Paul Tassi asks the obvious follow-up: what is the face of Netflix now?
The question has an older version. For years, Netflix has been criticized for lacking the kind of impactful intellectual property its rivals hold, despite its long existence and billions of views. HBO has some of the most storied shows in television history, plus brands like DC and Game of Thrones. Disney has Marvel, Avatar, Star Wars, and everything the company was before those. Netflix, Tassi argues, has had two franchises at that level, and both are now finished.
The tempting answer is KPop Demon Hunters. By Tassi's account, it is the most successful Netflix movie ever by an extremely wide margin, with 100 million more views than the first season of Wednesday. He calls it the most distinctive property Netflix has produced, pairing instantly iconic characters with chart-topping songs. It is about to complete six full months on Netflix's top 10 list, something no show or movie has come close to doing.
The problem, he says, is time. This is a movie, not a series that returns every year or two. Given how long such projects take, and judging by other Sony Animation projects, a KPop Demon Hunters 2 is likely at least four to five years out. A television version, which Netflix would badly like, does not appear to be in the works. It would also demand heavy lifting: reducing the animation burden and somehow writing many more hit songs that would no longer be available for a future film. So it may be the face of Netflix today, Tassi writes, but that can't be sustained over one, two or four years without significant new content.
Wednesday is the most obvious alternative. Its first season is the most-viewed English-language show in history, with nearly double the peak of Stranger Things season 4. Season 5 of that show has no numbers yet. Jenna Ortega's Wednesday has become an icon. But on Netflix's top 10 list, the show's second season drew less than half the total views of the first in its first 90 days, and only a bit over half the viewing hours. Drops from a blockbuster first season are not unusual, Tassi notes, but this one is large, and its long-term staying power is unclear. He hopes a gap between seasons 2 and 3 shorter than the nearly three years between the first two will help.
Bridgerton is arguably Netflix's second highest-profile show. Two of its seasons are on the platform's top 10 most popular series list, though outside the top five, and the first season ranks highest, which Tassi reads as a slide. Season 4, the latest, does not make the list at all. Season 5 arrives sometime this year, with no date announced. The show has plenty of source material left and is unlikely to be canceled before it ends naturally. But Tassi doubts it has the cross-demographic appeal to represent all of Netflix.
His own pick as the most likely outcome is something unpredictable. Stranger Things, Squid Game, Wednesday and KPop Demon Hunters all exploded without anyone forecasting their scale, and he expects the same for Netflix's next big hit. Where and when it arrives is unknown. Watch the Wednesday season 3 timeline, the Bridgerton season 5 premiere date, and any sign of a KPop Demon Hunters follow-up.
Citazioni salienti
KPop Demon Hunters may be Netflix's face right now, but that can't be sustained for years without significant new content.— Paul Tassi, Forbes (paraphrased)
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