Media research institute K-EnterTechHub revealed this analysis on January 1, comparing the performance of Seasons 1 and 2.
Squid Game season 1 reportedly earned about 1 trillion KRW in revenue with a production cost of 25 billion KRW, achieving a staggering 40x return on investment, which garnered significant attention in the global content market. The production cost of Season 2 is said to be around 100 billion KRW.
“Squid Game” Season 2 achieved the No.1 TV show rating in 93 countries within just two days of its release, continuing the success of its predecessor.
According to FlixPatrol, Season 1 took eight days to achieve a perfect score (930 points) in 93 countries, whereas Season 2 reached this milestone at a much faster pace. Based on this, analysts estimate that Season 2’s revenue could reach at least 1.5 trillion KRW.
Han Jung-hoon, CEO of K-EnterTechHub, told Yonhap News, “Although it may not match the profitability of Season 1, we can still expect a return of at least 10 times the production cost.” He also highlighted additional benefits such as Netflix’s rising stock price, new subscriber acquisitions, and the continued significance of South Korea in Netflix’s global content strategy.
Regarding this, Netflix responded cautiously, “As a monthly subscription-based streaming service, Netflix differs structurally from VOD (video-on-demand) services or box-office-based movie theaters, which rely on single-payment models.”
Some predict that Season 2 could surpass the profits of Season 1. This analysis draws from cases where other Netflix hits like “Stranger Things” saw profit maximization from Season 3 onward due to subscriber retention, new user growth, merchandising, and themed attractions.
Meanwhile, Netflix is set to release “Squid Game” Season 3 this year, promising continued global success.
A teaser poster and short video for “Squid Game 3” were also unveiled.
On January 1, Netflix shared through its official SNS “Younghee and Cheolsu. The games of childhood innocence never end. ‘Squid Game’ Season 3, coming in 2025, only on Netflix” along with a short video.
The accompanying video featured Younghee, the iconic doll from the first season’s “Red Light, Green Light” game, along with her partner Cheolsu, raising expectations for the upcoming season’s storyline.
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