Netflix has released a statement addressing reports about the profitability of Squid Game season 2. The statement, released on January 1, 2025, disputes claims made by some research groups, including projections of 1.5 trillion won in revenue.
Netflix Explains Profit Calculation Differences
Netflix clarified that some analyses, like those suggesting Squid Game season 2 could earn at least 1.5 trillion won, are inaccurate. They expressed concern about the spread of misinformation due to incorrect analyses that could lead to misunderstandings about their business structure. Netflix explained that calculations used for video-on-demand (VOD) platforms, which rely on box office numbers or individual payments like movie ticket sales, don’t apply to their subscription model. Netflix users pay a monthly fee for access to all content, not per view.
Squid Game Season 2 Breaks Records Despite Mixed Reviews
Squid Game season 2 premiered on December 26, 2024. While the ending received mixed reactions from fans, viewership numbers were still very high. Within two days of its release, the show topped viewership charts in 93 countries, achieving a perfect score of 930 on FlixPatrol, according to a Naver report from January 1. This is faster than season 1, which took eight days to reach similar numbers.
Before Netflix’s statement, K-Entertech Hub predicted that Squid Game season 2 could make at least 1.5 trillion won in profit. They estimated the production cost of the second season to be around 100 billion won, which is four times the cost of the first season, as reported by Maeil Business Newspaper. K-Entertech Hub CEO Han Jeong-hoon suggested profits could be at least ten times the production cost.
Netflix has directly refuted this prediction. Han also pointed out that the show could have other benefits, like increasing Netflix’s stock value and attracting new subscribers, which reinforces Korea’s importance in global content creation.
Netflix dismissed reports that #SquidGame2 will earn over 1.5 trillion won, calling them "inaccurate."
“The claim about the expected revenue of Squid Game 2 is untrue. Our subscription model doesn’t generate additional revenue from individual works, and it’s impossible to… pic.twitter.com/50FDCVNTpr
Other analysts believe that season 2 could be even more profitable than the first. Naver reported that trends from other Netflix shows like Stranger Things show that profits often grow significantly from season 3 onward, due to new subscribers, merchandise, partnerships, and theme park attractions.
Parrot Analytics reported that the show’s “travelability” (demand) in the U.S. reached 108%, which is higher than the demand in Korea. The show also performed well in France (95%), Russia (81%), and Taiwan (80%). Social media mentions of Squid Game reached 3.1 million between November 2023 and December 2024, with an estimated potential reach of 5.19 billion people. Forbes also commented on the cultural impact of season 2, mentioning the inclusion of Korean traditions like ‘ddakji nori’ and the use of Korean words like “noona” and “oppa,” as per Naver.
Saikat Nandy is an entertainment news writer who covers the latest trends and stories from the world of showbiz, has a keen eye for spotting the most interesting and relevant topics, and delivers them to his audience with flair and humor. He is also a freelance blogger, content writer, and website designer who loves to explore new technologies and creative ideas.
