371 episodes of The Walking Dead just landed on Netflix

Five hundred million dollars. That’s what Netflix is reportedly paying to keep zombies shuffling across its home screen for at least another five years.

On Thursday, Netflix and AMC announced a multi-year deal that keeps all 177 episodes of The Walking Dead streaming on Netflix and expands it into new territories, including the U.K., Italy, Australia and New Zealand. So the next time you wonder where your subscription fee goes, now you know.

The number that matters most isn’t 177, though. It’s 371.

Every spinoff, one address

Netflix also locked down streaming rights to the entire extended universe. Fear the Walking Dead, The Walking Dead: Daryl Dixon, The Walking Dead: Dead City, The Walking Dead: The Ones Who Live, The Walking Dead: World Beyond and Tales of The Walking Dead all head to Netflix globally starting in 2027.

Add it up and you get 371 episodes of Walking Dead shows under one roof. That’s a lot of walkers.

For anyone who tapped out somewhere around the prison arc and never came back, this is either an invitation or a threat.

AMC gets its own show back

Here’s the wrinkle. The Walking Dead has streamed exclusively on Netflix in the U.S. since 2011, which means AMC’s own streaming service has spent years without the flagship series that built the company’s modern identity.

That changes. As part of the deal, The Walking Dead starts streaming on AMC Plus too.

“We are thrilled to expand our long-time partnership with Netflix around The Walking Dead,” said Kristin Dolan, CEO of AMC Global Media, in a news release. “This deal creates a global destination for this universe – all shows, all episodes – making the franchise more accessible than ever to fans around the world. In addition, the co-exclusive agreement allows us to bring the original series to AMC+ for the first time early next year. Netflix has been an important partner in making The Walking Dead one of the most successful franchises in the history of entertainment. This agreement is a fantastic result for our companies, for the fans and for this timeless IP.”

Fifteen years of people finding it late

Netflix’s pitch is less about nostalgia than about the steady trickle of viewers who keep showing up years after the fact.

“Audiences have discovered and loved The Walking Dead on Netflix for nearly 15 years and the show continues to attract new fans,” said Lori Conkling, vice president of licensing at Netflix, in a statement. “We’re excited to partner with AMC Global Media to continue to expand that access to more audiences around the world and bring the entirety of The Walking Dead Universe to Netflix.”

Conkling isn’t wrong about the timeline. The original series premiered on AMC on Oct. 31, 2010, and ran 177 episodes across 11 seasons.

The franchise isn’t finished

AMC first spun the series off in 2015 with Fear the Walking Dead, which premiered Aug. 23, 2015, and ran for eight seasons. Two shows in the universe are still in production: The Walking Dead: Dead City and The Walking Dead: Daryl Dixon.

Daryl’s run has an end date. The show wraps with a fourth and final season set to premiere in 2027, the same year the spinoffs land on Netflix globally.

Which means the last new episode of the universe’s most durable character arrives right as every other episode ever made shows up in the same place. Michonne’s sword, Negan’s bat, 371 installments, one queue.