Following reports of such estimates, Netflix denied claims that its original series Squid Game Season 2 could generate revenue of at least 1.5 trillion won (approximately $1 billion).
On Wednesday, Netflix released a statement addressing the profit analysis of Squid Game Season 2 published by a local research firm. The company asserted that the report contains significant inaccuracies.
The company explained that Netflix, as a subscription-based streaming service, operates under a structurally different model than pay-per-view VOD services or movie theaters, which rely on fluctuating box office revenues. They noted that revenue estimates for individual shows like Squid Game do not correspond to their subscription-based business model and stated that the estimated figures are simply incorrect.
The research organization had previously estimated that Squid Game Season 2 could generate at least 1.5 trillion won (approximately $1 billion) in revenue. This projection was based on the first season’s performance, which reportedly cost about 25 billion won ($17 million). Instead, they generated 1 trillion won (approximately $681 million) in revenue—a return of about 40 times its production cost.
Meanwhile, according to Netflix’s official statistics, Squid Game Season 2 amassed 487.6 million viewing hours in its first week, ranking first in the world for non-English TV series and becoming the most-watched content on Netflix during that time.
