'Squid Game 2' Stocks Plunge Amid Harsh Criticism Immediately After Release

Lead Actor Lee Jung-jae's Major Shareholder Company Plummets to Lower Limit

After the global anticipation surrounding the Netflix Korean drama 'Ojingeo Game 2' (Squid Game 2), the stock prices of related companies plummeted as critics' reactions were divided immediately following its release.

On the 26th, the release date of the Netflix original series 'Squid Game 2,' a sculpture of the Squid Game character 'Young-hee' and promotional banners were installed at Gwanghwamun Square in Jongno-gu, Seoul. Photo by Kang Jin-hyung

On the 27th, Artist Studio closed at 15,750 won, hitting the lower limit down 29.84% on the KOSDAQ market. Artist United (-29.96%) also plunged to the lower limit. Both companies have Lee Jung-jae, the lead actor of 'Ojingeo Game 2,' as a major shareholder. Additionally, Wysiwyg Studios (-25.31%) and Dexter (-24.08%), responsible for visual special effects, also approached their lower limits. The 19.16% drop in Showbox, which invested in the production company, felt like a relatively mild decline.

As soon as 'Ojingeo Game 2' was released, major foreign media outlets voiced criticism. The American daily newspaper The New York Times (NYT) published an article titled "'Ojingeo Game' hits a red light," stating that "while the plausible carnage is depicted, the story has stagnated." It added, "Those who watched Season 1 will see the same things again." The American news magazine Time ran a piece titled "Capitalism killed Squid Game," commenting that "the storytelling lost its power as the IP (intellectual property) was commercialized." It also noted, similar to the NYT, that "the repetition of murder and anger makes it feel like a rehash of Season 1."

There were also critical voices regarding the decision to cut the story at the waist to end Season 2 for the sake of Season 3. The daily USA Today harshly reviewed, "It seems like Seasons 2 and 3 were conceived as one story and artificially split to extend the series." It further pointed out, "It remains violent and is more disappointing than surprising," and criticized that "Director Hwang Dong-hyuk failed to effectively convey the anti-capitalist message he intended."

Domestically, there was an outpouring of criticism over Big Bang member T.O.P (Choi Seung-hyun) being cast as a 'drug-using rapper.' T.O.P was sentenced to 10 months in prison with a 2-year probation after it was revealed during his police service in the following year that he smoked two times with a heated tobacco device and two times with a liquid-type marijuana at his home in October 2016. Critics argue that casting him in the role of a 'drug-using rapper' is a setting that mocks viewers.