Netflix Inc (NASDAQ:NFLX) is closing in on the end of 2025 with its much-anticipated fifth and final season of the acclaimed series "Stranger Things," being rolled out in three installments across November and December. The show has amassed a global fan base and has broken viewing records, reinforcing Netflix’s position as a leader in streaming media.
However, not all reception has been positive. Billionaire entrepreneur Elon Musk has publicly expressed disapproval concerning one of the season’s narrative arcs, specifically the storyline that addresses a gay character's coming out.
Record-Breaking Viewership and Release Strategy
The second batch of episodes from the final season debuted on Netflix on Christmas Day, delivering three new episodes starting at 8 p.m. ET. This release happened on the same day the platform streamed two live National Football League games, offering viewers a multi-pronged holiday entertainment experience. The show's fifth season is poised to continue setting viewership records; the opening four episodes, which launched on November 26, attracted 59.6 million views within the first week.
Netflix is aiming to sustain strong momentum with the final installment of the season scheduled for release on December 31. This concluding episode serves to finalize ongoing story arcs and potentially lays groundwork for future spin-off projects.
Character Development and LGBTQ+ Storyline
One central element of the latest episodes involves the character Will Byers revealing his sexual orientation to his peers. Will states, "The truth is, I am different. I just pretended like I wasn't because I didn't want to be. I don't like girls." This moment has elicited diverse reactions among viewers.
Some audiences welcomed this character progression, having inferred Will's orientation through earlier narrative clues, such as a remark from his mother in season one referencing how his father used to call him "queer," subtly hinting at his identity. Conversely, others voiced criticism, viewing the storyline as indicative of shifting cultural norms.
Elon Musk’s Criticism
Amidst social media discourse, Musk commented directly on the show’s inclusion of the gay storyline, describing it as "completely unnecessary and forced on audiences who just want to enjoy some basic sci-fi." His remarks suggest either disagreement with the narrative choice or a broader critique of the content direction. It remains unclear whether Musk has fully engaged with the series before issuing his opinion.
Noah Schnapp, the 21-year-old actor who portrays Will Byers, publicly came out as gay in 2023 via TikTok, expressing a personal connection with his character’s experience. The show also prominently features another LGBTQ+ character, Robin Buckley, further representing diverse identities in the storyline.
Interestingly, Musk has lauded other television series like "Silicon Valley" and "Black Mirror," both of which include LGBTQ+ characters, but these did not attract his criticism comparable to that directed at Netflix.
Previous Remarks and Broader Context
Musk's comments on Netflix content are not isolated to this instance. In October, he urged his followers to cancel their Netflix accounts, specifically citing a show called "Dead End: Paranormal Park," which includes a transgender character and is rated Y7, indicating suitability for children. Musk accused the platform of "pushing pro-transgender" themes to a young audience, an assertion that spurred debate.
Earlier in the year, Musk also criticized Netflix for airing the show "Adolescence," claiming it promoted "anti-white propaganda." These critiques embody a recurrent theme from Musk concerning Netflix’s approach to socially progressive content.
Further complicating Netflix’s content reception, the Pentagon publicly distanced itself from the military series "Boots," released on the platform in October. Pentagon officials indicated the series was out of alignment with recent efforts led by Defense Secretary Pete Hegseth and former President Donald Trump to reform the military. Despite early positive audience reception, Netflix has confirmed "Boots" will not proceed with a second season.
Financial Outlook Amid Content Controversies
Despite content controversies and public disputes, Netflix anticipates financial strength heading into 2026. Analysts forecast the streaming service will report fourth-quarter revenues near $11.96 billion, surpassing $10.25 billion in the previous year's equivalent period and edging out the record $11.51 billion reported in the third quarter of 2025.
The third quarter set new highs in revenue, advertising income, and viewer engagement, though narrowly missing analyst projections - ending a streak of eight consecutive quarters of meeting or exceeding estimates.
The gradual release of the final "Stranger Things" season in multiple parts, alongside simultaneous screenings of the concluding episode in over 500 movie theaters including some AMC Entertainment Holdings (NYSE:AMC) locations, underscores Netflix's multifaceted approach to content distribution.
Nonetheless, the platform may face subscription churn pressures in the fourth quarter due to public figures’ campaigns urging cancellation over LGBTQ+ content. The simultaneous appeal of "Stranger Things," Christmas NFL games, and varied programming could mitigate some subscriber attrition. Still, investors and analysts remain vigilant in monitoring whether Netflix can break its own revenue records in the upcoming quarterly report.