Squid Game Returns: Can Netflix Recapture the Magic?
📈 On December 26, Squid Game returns, reigniting the fever for its ultra-violent tale of division and inequality. A new trailer teases that the games will be as sinister as ever, with Season 2 Episode 1 intriguingly titled “Bread and Lottery.” The series has captivated audiences worldwide, becoming Netflix’s most-watched show, topping the charts in 94 countries, amassing 2.8 billion views, and sparking trends like skyrocketing sales of white Vans and fans creating their own tracksuits. Its phenomenal success has earned the series six Emmy Awards and secured a third and final season—even before the second one has aired.
🎥 In Korea, even hit TV shows rarely go beyond one season, making the second season a significant milestone — even for the new cast. The season has seven episodes, and while the public’s reaction remains to be seen, the outlook is promising: the second installment has already been nominated for Best Drama Series at the upcoming Golden Globe Awards. At least director Hwang Dong-hyuk is optimistic about what’s ahead following his grand return to the screen: “I do have a lot on my shoulders, but I’ll make sure it’s worth the wait.”
🎥 The Squid Game universe is growing. A second season of the reality show inspired by the series has been ordered, and an English-language version is in the works. Meanwhile, the third season of the original series has wrapped filming and is now in post-production. Set to air in 2025, it will mark director Hwang’s final chapter with the show, according to Hwang himself.
🎥 The Squid Game has been a massive value driver for Netflix. Since its 2021 debut, the South Korean phenomenon has generated over $900 million in revenue for the platform, thanks to its impact on subscriber growth, retention, and overall engagement. In just its first four weeks, the first season was watched by more than 142 million households.
While the plot of The Squid Game Season 2 remains a mystery, one thing is certain: there will be ads.
As a matter of fact:
💰 As the overseas buzz around Squid Game 2 intensifies, attention is also shifting to the performance of Netflix’s stock (#NFLX). Since the start of the year, #NFLX is up 90%, with a 39% increase in the last quarter alone, largely driven by growing interest in original content. Notably, the second season’s Golden Globe nomination ahead of its official release suggests that the jury has already seen it and formed their opinion. (Participation requirements state the series must air within the year, with submissions to organizers due by the 4th of the previous month.)
💰 Netflix is laying the groundwork for revenue growth on two key pillars: bolstering its year-end content lineup and expanding its ad-supported pricing model. Notably, the ad-based plan is showing impressive results. Netflix reported that two years after its launch, the ad-supported plan has reached 70 million monthly active users, with over 50% of new subscribers in ad-supported regions now opting for this membership type. Additionally, the company continues to see positive momentum and growth across all areas of the business.
The NFL game airing live on Christmas Day has already sold out all available ad slots, and The Squid Game 2 has secured multiple advertisers across 12 ad-supported countries. Overall, Netflix boasts 282.7 million subscribers across all pricing tiers. Interestingly, starting in Q1 2025, Netflix will no longer report subscriber numbers to investors — a significant shift in how the company’s performance will be evaluated.
P.S. There’s a classic saying in the industry: “No sequel is better than its prequel.” But the first Squid Game showed us that with quality writing and inventive storytelling, language, and cultural barriers don’t stand a chance. And let’s be honest — plenty of people are eagerly waiting for 2.