The not-so-successful launch of the second season of the Netflix series The Squid Game has led to a sharp drop in shares of related South Korean companies.
The shares of Artist United, a film distribution and marketing company, fell by 30% from the daily limit. The company’s largest shareholder is Lee Jung-Jae, the lead actor in the series.
Shares of Wysiwyg Studios, another investor in Artist United, fell by 25%, and Dexter Studios, Netflix’s Korean partner, by 24%.
The first season of The Squid Game became the most popular in Netflix’s history. In the first 28 days after its premiere in September 2021, it was watched more than 1.65 billion hours. The series has earned an estimated $837 million.
Critics expected a lot from the second season, released on December 26. However, even though 85% of critics and 65% of viewers on Rotten Tomatoes approved the series, some reviews were not very optimistic. The New York Times noted that the new season “had big ambitions but did little to achieve them.”