Netflix is having a strange 2022.
The streaming giant’s stock has plummeted roughly 70% this year, investors are queasy about its business and the one-time darling of the entertainment industry now looks to have a murky future. Yet, Netflix is still a media company that — thanks to its 221.6 million global subscribers — has the ability to capture the cultural zeitgeist.
Just ask Kate Bush.
The English singer’s 1985 hit single, “Running Up That Hill (A Deal with God),” has taken over the music charts — 37 years after its release. It’s currently No. 1 on Spotify’s Top Songs in the US, No. 5 on Billboard’s hot 100 and broke UK records after hitting No. 1 last weekend.
All because the song is being showcased in the latest season of “Stranger Things” — the streaming platform’s most popular franchise. Global streams of the song surged more than 8,700% on Spotify (SPOT) following the show’s May 27 season four premiere.
The fact that “Running Up That Hill” has become a sudden hit nearly four decades after its release represents more than just an old song catching fire on the charts. It’s a potent example of Netflix’s massive cultural power, even as the company is trying to turn itself around.