“To me, that’s just continually the goal,” said Chief Creative Officer Bela Bajaria in a recent interview.
The failed Warner Bros acquisition highlighted a fundamental vulnerability for the Hollywood upstart. Netflix’s original films and series span roughly a dozen years, a fraction of the century-plus histories of Warner Bros, The Walt Disney Company, and Universal Pictures. Netflix had been willing to make its biggest-ever bet—$72 billion—on acquiring well-known properties like Harry Potter and Game of Thrones to jumpstart its franchise-building efforts, acknowledging the difficulty of producing enduring hits from scratch.
Interviews with 16 current and former Netflix executives, industry leaders, and agents paint a picture of a company whose strategy of “making something for everyone” contrasts sharply with the tightly interconnected universes created by other studios, such as the Taylor Sheridan-led Yellowstone franchise. Netflix seeks to engage diverse audiences simultaneously rather than banking on a single built-in fanbase.
Even so, success stories exist. Producer Shonda Rhimes has transformed Julia Quinn’s Bridgerton into a series entering its fifth season, with a spinoff and a Regency-era touring event dubbed “The Queen’s Ball.”
Franchises are especially valuable in today’s fragmented media environment. Recognizable characters and stories help companies stand out, reduce risk, and generate ancillary revenue through merchandise and experiences. Netflix’s first major acquisition, the comic book publisher Millarworld, came just before Disney announced in August 2017 that it would pull its movies from Netflix to launch Disney+.
Some Netflix franchises have thrived. Stranger Things produced a spin-off, stage play, and extensive merchandise line. The action-adventure film Extraction, starring Chris Hemsworth, spawned a sequel and a third installment in production, as well as a related series featuring acclaimed French actor Omar Sy. Its dating show Love Is Blind has been remade for audiences in Brazil, France, and Japan.
Yet not all bets have paid off. Netflix reportedly spent $700 million on Roald Dahl’s catalog—including classics like “Charlie and the Chocolate Factory”—but five years later, it has yet to generate a major hit. Netflix plans a new attempt with a Willy Wonka-inspired reality show, “Golden Ticket,” where contestants navigate games and temptations on a chocolate river set.
Creating consistent hits is critical to attracting and retaining subscribers. Growth in engagement slowed to just 2% in the second half of 2025, while top-line revenue is projected to grow 13% this year, down from 16% in 2025, according to LSEG data. Advertising still represents only 3% of total revenue. Meanwhile, competitors like YouTube and Disney, with vast libraries of iconic content, have consistently outperformed Netflix in television viewing since October 2024, according to Nielsen.
Industry consolidation poses another challenge. Paramount Skydance’s acquisition of Warner Bros could reduce the number of studios supplying original content to Netflix.
Undeterred, Netflix is using the $2.8 billion windfall from the failed Warner Bros bid to continue producing original franchises independently. Upcoming projects include a live-action Scooby-Doo series and a “Narnia” adaptation directed by Greta Gerwig.
The risks of launching ambitious cinematic universes are evident. The Electric State, directed by Joe Russo and Anthony Russo, starred Millie Bobby Brown and Chris Pratt, but its $320 million budget failed to produce spin-offs or sequels, highlighting the inherent gamble of franchise development. “A lot of people have big movies that also are IP that don’t work,” said Bajaria.
Conversely, unconventional bets have sometimes produced global sensations. Squid Game became an international hit, and the Oscar-winning animated feature KPop Demon Hunters set viewing records on the platform. Netflix is now positioning the property as a franchise with licensed toys (via Mattel and Hasbro), themed meals from McDonald’s, a planned animated sequel, and a concert tour—though it was initially unprepared for the holiday merchandise surge.
Netflix’s 2026 lineup reflects a mix of sequels, adaptations, and original content, including the fourth season of “Bridgerton,” a second season of the manga-based series “One Piece,” a live-action “Assassin’s Creed” adaptation, and a “Little House on the Prairie” reboot. “We’re off to a strong start and feeling confident about the quality and consistency of our slate this year,” said Jinny Howe, vice president of original series at Netflix.
In the end, Netflix continues to bet on scale, data-driven distribution, and global reach to transform new content into cultural phenomena, even as it navigates the delicate balance between high-risk investments and blockbuster success. The streaming giant’s path forward is defined not by inherited IP, but by the ability to create the next generation of franchises from scratch.