A new shareholder letter from Netflix credited South Korean show Squid Game's record-breaking success to the company's streaming model.

The letter from Netflix's Q3 Earnings Call reads, "It’s hard to imagine, for example, how a Korean title like Squid Game would have become a mega hit globally without the momentum that came from people being able to binge it." It added, "We believe the ability for our members to immerse themselves in a story from start to finish increases their enjoyment but also their likelihood to tell their friends, which then means more people watch, join and stay with Netflix."

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Shortly after its release, Squid Game became the most popular season of streamed television ever, according to Nielsen streaming data. Netflix estimated that audiences watched 1.65 billion hours of the show within 28 days of its release. To this day, the season remains at the top of the ranks, despite Season 4 of Stranger Things racking up the most minutes of a season viewed within a week.

In terms of viewership, Season 2 of Squid Game may soon be giving Season 1 a run for its money. The show's writer-director Hwang Dong-hyuk is already hard at work on the next installment of the show, which he says will feature new, more thrilling games. "All I'll say is there are going to be new games, even better games than the first season, that await," he teased.

Netflix officially announced the renewal in June 2022. Back in 2021, Dong-hyuk said that he already has a "framework" for the new episodes, and Netflix co-CEO and chief content officer Ted Sarandos hinted that "The Squid Game universe has just begun."

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The Squid Game franchise will soon include a Netflix-produced reality competition show based on the series. The new spinoff will see 456 contestants competing for a gigantic $4.56 dollars -- the biggest prize in reality TV history. Some fans are worried that the competition will undermine Squid Game's anticapitalist message -- but Dong-hyuk says not to worry, the spinoff has his tentative seal of approval. "I actually met with the creator yesterday," he explained, "and they had many questions for me. What I hope is that they will be carrying on my vision and intention as much as possible for the show."

Squid Game Season 1 is available to stream on Netflix. Season 2 does not yet have a release date.

Source: Netflix Q3 2022 Earnings Call