Netflix reportedly paid $21.4 million for its wildly successful thriller series, Squid Game. The South Korean TV show has become Netflix's biggest original series of all time, with a record-breaking debut. Despite Netflix's minimal promotion for the show's premiere, Squid Game was able to captivate viewers and climb to the No. 1 spot of the streamer's Top 10 in the U.S. And it's not only significant due to the high viewership, but also because the show features almost an entirely Korean-speaking cast.
Squid Game is a thriller series that follows a man named Seong Gi-hun (Lee Jung-jae), who joins fellow desperate citizens entering a competition with a grand prize of ₩45.6 billion KRW (approximately $38.7 million USD). However, even though the rounds are inspired by popular South Korean children's games, the players who lose pay the ultimate price — their lives. Saying that the show is gory and brutal is an understatement, as there's only one winner in the competition. But Squid Game also makes viewers contemplate things like ethics, capitalism, and the value of life.
While Squid Game definitely earned Netflix a pretty penny, Bloomberg reported that the streaming service had to pay top dollar for the series. The nine-episode show allegedly cost Netflix $21.4 million. The figure comes from internal documents obtained by Bloomberg, and Netflix did not confirm the figure.
It's not surprising to hear that Netflix shelled out a few millions for the now insanely popular show. Netflix has written some massive checks in the past, such as $118 million for the sitcom Friends, and even for their originals, like The Crown, which reportedly had a $130 million production budget. So for a multinational streaming giant, $21 million isn't exactly an unthinkable figure. The high price does say a lot about the future of international productions garnering mainstream attraction in the U.S. The success of Squid Game opens doors for future South Korean productions, particularly a year after Bong Joon-ho's Parasite won Best Picture at the Academy Awards.
The show has become a pop culture phenomenon, with fans taking inspiration from the show for their Halloween costumes. And considering there's word about a second season of Squid Game, Netflix is likely willing to throw even more money at its most successful series to date. This time, the streaming service might consider a bigger marketing campaign outside of word of mouth, to get even more people tuned in to the must-watch show. While Squid Game has been compared to other films like Battle Royale and The Hunger Games, its dark themes and tumultuous storyline will make a legacy all on its own.
Source: Bloomberg