Youngkyu Park
- Netflix confirmed a second season for the platform's breakout hit "Squid Game" in its fourth quarter earnings call.
- The effort is part of Netflix's bid to capitalize on its biggest shows, including "Bridgerton" and "Stranger Things."
- The streaming company also reported it missed paid subscriber estimates, causing shares to dip 20% after its Thursday earnings call.
Netflix CEO Ted Sarandos confirmed a second season for its record-breaking series "Squid Game" in a fourth quarter earnings call on Thursday, while also teasing plans to expands the franchise.
The company touted the series as its biggest show — alongside crown jewel franchises like "Bridgerton" and "Stranger Things" — which Sarandos says has the potential to grow beyond the streaming service and into live experiences, games, and merchandise.
"The 'Squid Game' universe has just begun," Sarandos said. "We're building those muscles steadily with our consumer products, both like the 'Squid Game' tracksuits, and then we're making a big push on experiences that are mobile and portable."
The South Korean drama about strangers competing in a series of brutal, twisted children's games to win a large cash prize was streamed for 1.65 billion hours by subscribers worldwide.
"Squid Game" creator Hwang Dong-hyuk previously confirmed in November he was working on a season two, though it is still unknown when the follow-up will drop.
The series spawned numerous pop culture references, led to real-life iterations of its iconic green tracksuits and Dalgona sweets, and inspired several almost-true-to-life versions of the competition. The show also won three Golden Globe Awards, including best performance by an actor in a television supporting role and best TV drama, as well as three Critics Choice Awards.
The news comes as shares in the streaming giant tumbled 24% on Friday after the company said competition from other streaming platforms, including Disney Plus and HBO Max, was slowing subscriber growth. According to Netflix, the company missed its paid subscriber goals, but still finished above analyst expectations on the top and bottom line.
Last week, Netflix also raised the prices on its streaming plans in the US and Canada to help pay for its new movies and shows.
In October, Bloomberg revealed internal documents from Netflix that showed the company spent a whopping $21.4 million on the first season of "Squid Game." The company's support and investment in the series signals a continuing effort to expand its slate of international projects. Netflix has taken greater interest in local-language television and film programming, industry insiders said, with some productions becoming sensations both in the US and abroad.
source https://www.businessinsider.com/netflix-confirms-squid-game-season-two-franchise-expansion-retail-gaming-2022-1