The globally popular Korean series "Squid Game," which significantly contributed to Netflix's (NFLX, Financial) growth in 2021, is set to return with its second season. This new season will premiere worldwide on Netflix after Christmas. The first season of "Squid Game" was a historical milestone for Korean dramas, proving its global appeal similar to series like "True Detective" and "Stranger Things," and becoming a breakout hit of the year.
For Netflix, "Squid Game" represents a chance to continue its strong performance and test its global marketing capabilities. The streaming giant aims to attract a larger global audience to its platform to watch the second season of the series and revisit the first season.
Hwang Dong-hyuk, the creator and director of "Squid Game," discussed the production of the dystopian thriller’s second season, which will begin streaming globally on December 26 on Netflix. Despite initially not planning for a sequel after the first season, Hwang was motivated by Netflix's global demand for more content and has since expanded the series, leading to further sequel and spin-off developments.
The first season of "Squid Game" has been a substantial financial success for Netflix, generating an estimated profit of around $900 million since its premiere in September 2021. As anticipation grows for the second season, "Squid Game" is becoming one of the first Korean series to spin off multiple versions worldwide, spanning reality shows, video games, and fan experiences.
The success of the first season also encouraged Netflix to explore additional business opportunities related to "Squid Game," including ordering a reality show inspired by the series and developing a multiplayer eSports game. The company has invested in marketing campaigns and partnered with global consumer brands to create themed merchandise.
The release of "Squid Game" second season aligns with Netflix's recent third-quarter financial success, where it exceeded Wall Street expectations by adding over 5 million new subscribers globally, driving revenue by 15% to $9.83 billion. Analysts believe that Netflix can continue to grow by leveraging its popular IPs like "Squid Game," increasing subscription prices, and expanding its content library.
