Media research institute K-EnterTechHub revealed this analysis on January 1, comparing the performances of seasons 1 and 2.
Squid Game Season 1 reportedly earned around KRW 1 trillion in revenue with a production cost of KRW 25 billion, achieving a staggering 40x return on investment, which attracted significant attention in the market of global content. The production cost of the second season is said to be around KRW 100 billion.
The second season of “Squid Game” reached No. 1 on the TV show charts in 93 countries in 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, while Season 2 achieved this milestone at a much faster pace. Based on this, analysts estimate that season 2 revenue could reach at least KRW 1.5 trillion.
Han Jung-hoon, CEO of K-EnterTechHub, told Yonhap News: “While it may not match the profitability of the first season, we can still expect a return of at least 10 times the cost of production.” He also highlighted additional benefits such as Netflix’s rising stock price, new subscriber acquisition, and South Korea’s continued importance in Netflix’s global content strategy.
In this regard, Netflix responded cautiously: “As a monthly subscription-based streaming service, Netflix differs structurally from video-on-demand (VOD) services or box office theaters, which rely on single-payer models.”
Some predict that season 2 could surpass the profits of season 1. This analysis is based on instances where other Netflix hits such as “Stranger Things” saw profit maximization from season 3 onwards thanks to subscriber retention, growth of new users, merchandising and themed attractions.
Meanwhile, Netflix is set to release the third season of “Squid Game” this year, promising continued global success.
A teaser poster and short video for “Squid Game 3” were also revealed.
On January 1st Netflix shared through its official SNS “Younghee and Cheolsu. The games of childhood innocence never end. Season 3 of ‘Squid Game’, 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 next season’s plot.
