Netflix backing out doesn't pass the sniff test for me.
Just went to Target this weekend and they had an ENTIRE AISLE of Stranger Things stuff, 5 pack Funkos, exclusive black light Funkos, Garbage Pail Kids figures, the button popper/new fidget spinner things, Doritos, foam fingers, mini figures, large figures, cars, mystery boxes, some bus thing that I'm not sure what it was, etc.
They're not afraid of branding...unless it's because the show is dropping both halves before HHN. Having stuff in the on the shelves now now plays off that hype for impulse purchases makes sense, but with HHN, the show will be over by the time the event rolls around and the number of people who go to HHN, discover the show for the first time and aren't already subscribers, and then subscribe and keep renewing monthly after binging a show to never to return has to be next to nill. But still, it's free money...
Unless there's some kind of contract stipulation that having actor likenesses appear in living format/at themeparks/whatever requires additional compensation to the actors and that's money they don't want to spend for a show that is already in the can and the new subscriptions to the service won't be enhanced with that expenditure.
And as others have said, it's not like they're losing money. They turned off a whole country and growth was slower than they expected. Stock took a big hit so the big wig execs with options are hurting, but the company as a whole is fine. With their ad-supported tier allegedly coming by the end of the year that's another revenue stream on the horizon.