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Netflix says ‘Squid Game’ is its biggest series launch ever

Participants take part in an event where they play the games of Netflix smash hit "Squid Game" at the Korean Cultural Centre in Abu Dhabi. Photographer: Giuseppe Cacace/AFP/Getty Images
By Bloomberg
13 Oct 2021 0

(Bloomberg) --Netflix Inc. said South Korean show “Squid Game” has become its biggest series launch ever, beating high-profile American productions, as the dystopian drama becomes an unexpected global sensation.

“Squid Game” has attracted 111 million views since its release on Sept. 17, Netflix said in a tweet on Wednesday. That surpasses its previous top show, “Bridgerton,” which hit 82 million households in its first 28 days of release.

“Squid Game” — about a group of debt-laden Koreans who enter a survival game akin to the “Hunger Games” in hopes of a massive cash prize — is proving as popular with investors as it is with viewers. It helped Netflix’s stock reach a record earlier this month, with shares surging 6% since the show’s release. The series’s popularity has also fueled a rally of related Korean entertainment stocks.

The show’s success is a milestone for Netflix, which has been stepping up investment in fast-growing Asian markets — particularly South Korea — by  producing original content, acquiring studios and establishing talent training bases as growth in the U.S. market slows. Still, it’s set to face increasing challenges as rivals including Walt Disney Co. and Chinese technology giant Tencent Holdings Ltd. double down on investing in their streaming platforms in Asia.

‘Squid Game’ Proves Netflix’s Biggest Advantage Is Foreign Language TV

Netflix has invested about 770 billion won ($645 million) in South Korea since entering the country in 2016, creating about 80 original series and films. In February, it revealed a plan to spend $500 million on original content in South Korea this year.

By Shirley Zhao
Oct 13, 2021, 8:39 AM
Word Count: 314

© 2021 Bloomberg L.P.

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