(Bloomberg) — A less-than-perfect debut for the new season of Netflix Inc.’s blockbuster series Squid Game sent shares of related South Korean companies sharply lower Friday.
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Artist United Inc., a movie distributor and marketing firm in which Squid Game’s main actor Lee Jung-jae is the largest shareholder, tanked by the daily limit of 30%. Wysiwyg Studios Co., another Artist United investor, plunged as much as 25%, while Dexter Studios Co., a Korean partner of Netflix, sank 24%.
The Korean survival thriller was a massive global success when it premiered in 2021, sparking rallies in local entertainment stocks on expectations of benefits from Netflix’s hunt for further hits. The first season topped the US streaming giant’s most-watched titles on every continent and became the first foreign-language program ever nominated for best drama at the Emmy Awards.
Expectations were high for season two of the dystopian drama, which was released Dec. 26. While some notable reviews were less-than-favorable, it’s drawn approval from 85% of critics and 65% of viewers so far on Rotten Tomatoes.
“This season of Squid Game hints at larger-scale ambitions but does little to pursue them,” the New York Times said in its review, adding that the narrative “stalls.”
The third and final season of Squid Game is due in 2025.
–With assistance from Edwin Chan.
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