Released in September 2021, Squid Game proved to be a massive breakout success for Netflix as the streaming series brought in record numbers across the globe. The show was so huge that even Leonardo DiCaprio was a fan. However, while Squid Game‘s viewership dominated headlines, little was mentioned of how much the series boosted Netflix’s bottom line. According to a new report, it was a lot.
In a new article on Netflix’s attempt to soften the blow of the ongoing writers’ strike by turning to South Korea for content, The Los Angeles Times reports that the streaming giant made out like a bandit when it acquired Squid Game from creator Hwang Dong-hyuk:
“Squid Game” turned out to be a bargain beyond compare. Made for about $2.4 million an episode, about a fourth the cost of “Stranger Things,” the nine-part series went on to win six Emmys, set a Netflix record of 1.65 billion viewing hours in its first 28 days of release and — according to internal Netflix documents — increase the value of the company by an estimated $900 million.
However, despite Squid Game being a massive boon for Netflix, Hwang did not get rich from the show’s success. As part of his initial contract, Hwang “forfeited all intellectual property rights and received no residuals.”
The LA Times also reported that crew members on Korean productions like Squid Game routinely feel exploited by the streamer, which prompted the following response from Netflix.
“We pay fair, highly competitive rates with our K-Content creators and set clear standards for our Korean production partners, who produce all our shows and movies,” Netflix said in a statement. “These standards meet or exceed Korean law.”
(Via Los Angeles Times)