Netflix’s Squid Game 2, the follow-up to one of its most successful series, faces the challenge of building on the original’s legacy while introducing fresh narratives. (Image: Netflix)
SEOUL, Jan. 1 (Korea Bizwire) — The second season of Netflix’s original series Squid Game is projected to earn at least 1.5 trillion won , according to a report by K-EnterTech Hub, a media research institute.
The analysis, released on January 1, compared the performance of Seasons 1 and 2. Season 1, produced with a budget of 25 billion won , generated an estimated 1 trillion won in revenue—a 40-fold return on investment.
Season 2, with a budget nearly four times higher at 100 billion won, has drawn mixed reviews from international critics but achieved remarkable viewership milestones.
Within two days of its release, Squid Game Season 2 ranked first in the TV show category across all 93 countries tracked by FlixPatrol, earning a perfect score of 930. In comparison, Season 1 took eight days to reach the top spot globally. Based on this trajectory, the second season’s revenue is estimated to exceed 1.5 trillion won.
“Even if it doesn’t match the 40-fold profitability of Season 1, Season 2 is expected to yield at least ten times its production cost,” said Han Jung-hoon, CEO of K-EnterTech Hub. He added that additional benefits, such as Netflix’s stock price boost and new subscriber acquisition, reinforce South Korea’s pivotal role in global content strategy.
Netflix, while acknowledging its unique subscription-based model compared to transactional video-on-demand (VOD) services, refrained from commenting directly on revenue estimates.
However, analysts highlighted that the success of previous series, such as Stranger Things, suggests profitability could increase with future seasons through avenues like subscriber retention, merchandising, and theme park attractions.
“Squid Game” Season 2 introduces a new set design featuring large “O” and “X” marks on the floor of the participants’ huge dormitory, in this photo provided by Netflix. (Image courtesy of Yonhap)
Season 2 has already demonstrated its global appeal. Analytics firm Parrot Analytics revealed that its “travelability” score in the U.S. was 108%, meaning demand in the U.S. surpassed that in South Korea by 8%. The series also showed strong traction in markets like France (95%), Russia (81%), and Taiwan (80%).
Social media buzz further underscores the series’ popularity. Between November 20, 2024, and December 20, 2024, Sprout Social tracked 3.1 million mentions of Squid Game across platforms such as X (formerly Twitter), YouTube, Reddit, and Tumblr, with potential exposure reaching 5.19 billion impressions.
Forbes highlighted the cultural significance of the series, spotlighting Korean terms like “nuna” and “oppa” and traditional games featured in the episodes.
Netflix plans to release Squid Game Season 3 later this year, aiming to capitalize on the momentum and further expand the global influence of K-content.
Lina Jang (linajang@koreabizwire.com)
