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This estimate marks a significant increase from Season 4, whose budget was around $30 million—highlighting a near fivefold rise in costs. Given that Season 5 will feature eight episodes, the per-episode cost approximates $60 million, aligning with the figure of $50-$60 million per episode.
What justifies such a hefty budget? Primarily, Stranger Things' status as a global cultural phenomenon, combined with its extensive use of visual effects (VFX), CGI, and post-production work. The show’s reliance on cutting-edge technology to craft its supernatural or sci-fi elements ensures high production costs. Additionally, lucrative actor contracts for main cast members like David Harbour, Winona Ryder, and the core group are significant expense factors.