der Streifen
stripe / strip
A long, narrow piece of something or a line that stands out from the background in color or material.
Das neue T-Shirt hat blaue und weiße Streifen.
The new T-shirt has blue and white stripes.

stripe / film
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stripe / strip
A long, narrow piece of something or a line that stands out from the background in color or material.
Das neue T-Shirt hat blaue und weiße Streifen.
The new T-shirt has blue and white stripes.

'Der Streifen' (the stripe/strip) is related to the verb 'streifen' (to brush against something, to roam). A 'Streifen' is often the result of such a movement, like a drawn line.
Ein Lichtstreifen fiel durch die offene Tür.
A strip of light fell through the open door.
You can easily recognize the meaning of 'Streifen' (stripe/strip/film) from context. Words like 'Kino' (cinema) or 'Film' point to a film. 'Zeitung' (newspaper) or 'Comic' point to a picture story. Fabric or material names point to the pattern.
Ich habe den neuen Action-Streifen gestern im Kino gesehen.
I saw the new action film at the cinema yesterday.
In its basic meaning, 'Streifen' (strip/stripe) is often used with the preposition 'in' and a verb of cutting or tearing. Adjectives like 'schmal' (narrow) or 'breit' (wide) are also common.
Für den Salat müssen Sie die Paprika in feine Streifen schneiden.
For the salad, you need to cut the bell pepper into thin strips.
Using 'Streifen' (film) for a movie is colloquial. In neutral or formal contexts, you would say 'Film'.
Am Wochenende schauen wir uns einen alten Schwarz-Weiß-Streifen an.
At the weekend we're going to watch an old black-and-white film.
'Streifen' (stripe/strip) is part of many useful everyday words. Examples include 'Zebrastreifen' (pedestrian crossing) or 'Seitenstreifen' (shoulder at the edge of a highway).
Bitte warte am Zebrastreifen, bis die Autos anhalten.
Please wait at the pedestrian crossing until the cars stop.
film
'der Film' and 'der Streifen' can both mean a work you watch. 'Film' is the normal, neutral word and fits in almost all situations. 'Streifen' is colloquial in this meaning and sounds more casual, sometimes also a bit journalistic. It is used more in conversations about cinema or television, not in formal texts. If you want to speak safely and neutrally, 'Film' is the better choice; 'Streifen' fits better in casual language.

Der neue Streifen ist spannend, aber die Geschichte ist ziemlich einfach.
The new film is exciting, but the story is pretty simple.
Im Kino läuft heute ein Film über eine lange Reise.
There is a film about a long journey showing at the cinema today.