Subscriptions that grow dramatically, enormous financial benefits, and a global buzz that will mark the platform for many years to come.
The success of Squid Game took the whole world by surprise. And Netflix too! The streaming giant never imagined for a second that Hwang Dong-hyeok’s little survival drama would become such a global phenomenon. To the point of crushing all of his other original creations, becoming the biggest series in the history of the streamer:
“The extent of the popularity of Squid Game is really amazing. It was ranked # 1 in 94 countries across the globe, including the United States, “ underlines the group of Reed Hasting and Ted Sarandos, in recent days, in a letter to investors (via Variety). Incidentally, we learn that 142 million households around the world have watched at least a piece of Squid Game. This represents more than two-thirds of subscribers to the platform, and almost double the previous record, held by The Bridgertons Chronicle (81 million households).
“Squid Game has also established itself in the cultural zeitgeist, spawning a sketch on Saturday Night Live, memes, clips on TikTok with more than 42 billion views in total. Demand for products from Squid Game is very high and these items will now be retailed. “
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Netflix can rejoice, because the income derived from the South Korean drama promises to be daunting. According to confidential data published by Bloomberg, Squid Game should generate global financial benefits estimated at 891 million dollars, which will allow the Californian company to recover … 40 times its stake (!), which has put “only” $ 21 million on the table for produce the series.
Among these fallouts is a direct increase in subscriptions, linked to the phenomenon. In its quarterly review this week, Netflix announced that it had exceeded its forecasts in the third quarter of 2021, gaining 4.38 million paying subscribers worldwide, over the period, to reach 213.6 million Netflix households in the international, while the group initially expected no more than 3.5 million additional subscribers. Proof that Squid Game This is not for nothing: half of this growth in subscriptions is due to the Asia-Pacific market!
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Obviously, the group’s turnover has exploded. Netflix reported $ 7.48 billion in revenue (up 16%) and earnings per share up 83%, for the period. “After a lighter content list than usual, during the first two quarters, due to production delays linked to COVID-19, we are seeing the positive effects of a more solid programming in the second half of the year“, analyzes Netflix in its letter to investors.
Yes there will be a before and an after Squid Game, for American society. So much so that the network has decided to change its method for calculating audiences and classifying its original creations. Completed the 2 minutes per household. The streamer will now accumulate the hours viewed: “We believe engagement as measured by viewing hours is a slightly better indicator of the overall success of our titles and member satisfaction.“. Above all, this will avoid having, for eternity, a Squid Game divisive and not very glamorous, at the top of the house productions. Because who knows when Netflix will experience another buzz of such magnitude?