Surpassing Previous Records, Squid Game Season 2 Sets New Milestones
Economic Ripple Effect and Global Craze for Korean Traditional Games
Controversies and Side Effects... Rising Expectations for Season 3
Netflix's release of Squid Game Season 2 has set a new record surpassing its predecessor, continuing the global craze. Released on December 26 last year, Squid Game Season 2 recorded a total of 410 million viewing hours worldwide during its first week (December 30 to January 5). Dividing by the 7 hours and 10 minutes runtime, the number of views amounts to 58.2 million. It achieved an overwhelming record by ranking first in 91 out of 93 countries. Squid Game Season 2 topped Netflix content rankings in both English-speaking and non-English-speaking regions and is evaluated to have somewhat reduced brutality compared to the previous season. Although the number of episodes decreased, the more intricate storyline development has received favorable reviews from viewers, raising expectations for Season 3.
Surge in Netflix Subscribers and Economic Impact
The popularity of Squid Game has led to an increase in Netflix subscribers. Last month, Netflix's monthly user count rose by 12% compared to the previous month, reaching 12.99 million, the highest monthly figure in 2024. Notably, Season 1 has also climbed to second place globally on Netflix, benefiting from the popularity of Season 2, showing a synergistic effect.
Surpassing the record of another Netflix hit, The Glory, Squid Game Season 2 is expected to generate over 1.5 trillion KRW in revenue with a production cost of about 100 billion KRW. The success of Season 1, which earned 1 trillion KRW from a production cost of 25 billion KRW, is anticipated to continue into Seasons 2 and 3.
Netflix has successfully diversified its revenue by utilizing Squid Game as an intellectual property (IP). GS25, as an official partner, has launched over 30 products including ready meals, desserts, and beverages, and has also introduced various merchandise such as transportation cards. In the gaming industry, content using the Squid Game IP has appeared. The popular North American and European first-person shooter (FPS) game Call of Duty introduced a multiplayer mode inspired by "Mugunghwa Kkoci Pieot Seumnida" (the Korean version of Red Light, Green Light), receiving positive responses. In China, illegal merchandise produced without official licenses has become widespread.
Leading the Globalization of Korean Traditional Games
Squid Game Season 2 has also contributed to the globalization of Korean traditional games. Traditional Korean games such as Gonggi (knucklebones), spinning tops, stone throwing, and Jegichagi (shuttlecock kicking) have become a worldwide sensation. In particular, Gonggi has gained explosive popularity on social media under the name "gonggi challenge," with overseas fans participating using various substitutes like chocolates or small stones instead of the traditional Gonggi stones.
The Korean-style game method adding the "one less" rule to rock-paper-scissors was also perceived as fresh by foreigners. The children's song "Dunggeulge Dunggeulge" has become popular music in clubs worldwide, and playing pairing games to the music has become a new club culture.
The success of Squid Game has also influenced the globalization of the Korean language. Seven Korean words including "dalgona," "hyung," "noraebang," "maknae," "jjigae," "tteokbokki," and "pansori" have been newly added to the Oxford English Dictionary. Notably, for "dalgona," the dictionary includes an example sentence from the Boston Globe in October 2022: "Netflix just released the mega-hit 'Squid Game,' which drew fans with dalgona candy."
The inclusion of Korean words in the Oxford English Dictionary comes three years after words like "K-drama," "Hallyu," "mukbang," and "daebak" were registered in September 2021. This demonstrates the continuous expansion of Korean culture's global influence. It reaffirms the global competitiveness and cultural impact of Korean content and suggests the potential for more Korean content to globalize in the future.
Controversies, Side Effects... and Expectations for Season 3
However, there have been some controversies related to Squid Game Season 2.
There was backlash from Vietnamese netizens over lines related to the Vietnam War in the drama, and concerns about spoilers for Season 3 arose due to social media posts by cast members. Additionally, controversy surrounded the appearance of Big Bang's T.O.P (real name Choi Seung-hyun), who had caused social issues due to marijuana use.
There have also been cases of the popularity of Squid Game being exploited. In particular, meme coins related to Squid Game have repeatedly appeared and disappeared after collecting investments in the cryptocurrency market.
As the success of the Squid Game series is confirmed once again, expectations for Season 3, which will be released this year, are rising. Voices are calling for systematic strategies to prevent side effects caused by the exploitation of the content's success and to ensure sustainable growth.
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