Key Takeaways:
– Squid Game’s success boosted Netflix’s value by $900 million
– Show’s creator, Hwang Dong-hyuk, lost on potential residuals due to his contract with Netflix
– Netflix is compensating Hwang Dong-hyuk with a lucrative deal for the series’ upcoming second season
– Hwang Dong-hyuk stands for legal changes favoring TV creators and ensuring their residuals
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Squid Game Phenomenon Spikes Netflix’s Revenue
Netflix’s Squid Game took the world by storm, dominating the global TV space, driving the streaming giant’s value up by a whopping $900 million, reported by the Los Angeles Times. Despite the series’ production cost standing at a modest $2.4 million per episode, it exploded in success and became a significant revenue source for Netflix. This cultural phenomenon’s return for a second season is highly anticipated by fans across the globe.
Undercut Benefits for Squid Game’s Creator
The series’ breathtaking storyline and compelling visuals emerged due to the creative genius of its creator, Hwang Dong-hyuk. However, Hwang didn’t reap major benefits from the show’s unprecedented success. His contractual agreement with Netflix involved surrendering all intellectual property rights and residuals, thereby allowing the streaming company to continually profit from Squid Game while its creator got little to nothing.
Staggering Success of Squid Game Season 1
The first season of Squid Game swiftly climbed to the top of Netflix’s most-watched series list in 94 countries upon its premiere in September 2021. Accumulating an impressive 1.65 billion viewing hours within the first month of release, the series generated a discovered value close to $900 million for the streaming giant.
Acclaimed worldwide for its innovative plot and riveting narrative, Squid Game bagged multiple awards and nominations. It obtained 14 Primetime Emmy Award nominations, making history as the first non-English language series to be nominated for the Outstanding Drama Series at the event.
Squid Game’s Tense Narrative
Squid Game unveils a gripping tale featuring 456 individuals trapped in desperate financial circumstances. The participants contend in this high-stakes competition where the sole winner walks away with a colossal $35 million and the losers meet tragic ends. The series spotlights Lee Jung-jae as Seong Gi-hun in the leading role.
Push for Residuals by Squid Game’s Creator
Despite surrendering his residuals in the contract, Hwang Dong-hyuk didn’t remain silent about the exploitative nature of such practices. Netflix appears to honor their commitment, reportedly offering him a generous deal for the creation of Squid Game season 2.
Furthermore, Hwang emphasizes the importance of residual payments in the filmmaking industry. His advocacy for legal changes advocates ensuring livelihoods of film and TV creators alike. His belief stems from seeing the need to nourish the industry’s ecosystem, allowing breakthrough works like Squid Game and Parasite to keep entering the market in the future.
“We need to think long term to nurture the complete ecosystem,” Hwang apprised the National Assembly via a recorded message. “For the next Squid Game or Parasite to emerge, creators must be given financial assurance.”
Squid Game season 1 is at present available for viewing on Netflix. The audience now awaits the continuation of the thrilling narrative in the upcoming second season. Despite the dismal financial treatment, the show’s creator remains devoted to continuing the series while pushing for more creator-friendly practices in the industry.
