Squid Game reportedly increased the value of Netflix by $900 million, but creator Hwang Dong-hyuk certainly didn’t get rich.
Squid Game became a full-fledged global phenomenon when it was released on Netflix in 2021. It quickly became Netflix’s most-watched series of all time and also made the streaming service a boatload of cash.
According to a report by the Los Angeles Times, Squid Game may have increased the value of Netflix by nearly $1 billion. “‘Squid Game’ turned out to be a bargain beyond compare,” reads the LA Times report. “Made for about $2.4 million an episode, about a fourth the cost of ‘Stranger Things,’ the nine-part series went on to win six Emmys, set a Netflix record of 1.65 billion viewing hours in its first 28 days of release and — according to internal Netflix documents — increase the value of the company by an estimated $900 million.“
You would think that Squid Game creator Hwang Dong-hyuk might have seen a little bit of that, but you’d be wrong. Not only did Hwang not get rich off the success of Squid Game, but he also “forfeited all intellectual property rights and received no residuals” thanks to his initial contract. The existence of the Squid Game reality series suddenly makes a lot more sense.
As Squid Game is a South Korean production, the second season can proceed with no impact from the WGA strike, but the LA Times report states that crew members on Squid Game and other South Korean productions frequently feel exploited by Netflix. “We pay fair, highly competitive rates with our K-Content creators and set clear standards for our Korean production partners, who produce all our shows and movies,” Netflix said in a statement. “These standards meet or exceed Korean law.“
The second season of Squid Game will feature Lee Jung-jae returning as Seong Gi-hu, as well as Lee Byung-hun as Hwang In-ho, the Front Man, and Wi Ha-joon as Hwang Jun-ho. Netflix announced a handful of actors who would be joining the series earlier this month, including Yim Si-wan (Unlocked), Kang Ha-neul (The Pirates: The Last Royal Treasure), Park Sung-hoon (The Glory) and Yang Dong-geun (Yaksha: Ruthless Operations). Hwang Dong-hyuk teased earlier last year that the new season is shaping up to be better than he expected. “I have a set outline,” he said. “I have a treatment of a whole season two episode with new games and new characters. I like it. I think it’s good. It’s better than what I expected.”
Originally published at https://www.joblo.com/squid-game-netflix-value-900-million/