Netflix’s Squid Game reportedly cost only $24.1 million to produce. However, it became so popular within a few days of its launch that it’s now worth nearly $900 million in impact value. This is according to internal documents reviewed by Bloomberg.
Squid Game is Netflix’s All-Time Biggest Series Launch
Netflix, a pioneer streaming service company, said that Squid Game became its biggest series launch ever. Since its September 17 worldwide release, 111 million viewers logged into Netflix to watch it.
The South Korean dystopian show smashed an earlier record set by “Bridgerton,” which attracted 82 million viewers during its first four weeks of showing.
Even more amazing, Squid Game reportedly only cost $21.4 million to make. However, its value is now nearly $900 million, making it a blockbuster.
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The $900 million impact value used by Netflix is an internal metric that uses multiple benchmarks. This includes how many viewers watched, who watched and how long they watched.
132 Million Viewers Watched Squid Game
According to Bloomberg, the impact value showed that 132 million people watched at least two minutes of the series within 23 days after its launch. Netflix reportedly estimates that 89% of people who started the show watched at least one episode.
The story revolves around a gory contest where down-on-their-luck people agree to play a series of kid’s games in order to win a large cash prize. The catch is once players become eliminated, they die.
Many of the contestants are deep in money problems. Joining the game represents their last desperate hope to get a last-minute cash grab to pay off their problems.
Show’s Success Surprised Many
The popularity of the series surprised not just Netflix. Earlier this October, a South Korean internet provider sued Netflix. It claimed the show caused a surge in network traffic. Now, the company wants Netflix to pay for the additional bandwidth.
In addition, the show’s success also proved that getting foreign-language content can pay off big. Netflix already began investing heavily in non-US and non-English shows.
This includes hits such as “Narcos,” “Money Heist,” and “The Kingdom,” among others. As a result, the company said that it plans to expand its budget to develop content in South Korea. Paid subscribers from the country hit 3.8 million by 2020.
Netflix Has 209 Million Subscribers
The news couldn’t come at a better time for the streaming services company. Many major networks saw the writing on the wall and began ditching Netflix. Instead, they opened up their own streaming services that featured their own studios.
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Disney, HBO, and NBC, among others, are now keeping their content exclusive to themselves. Disney+, which owns the Disney, Pixar, Marvel, and Star Wars franchises, now holds over 116 million subscribers. AT&T, which owns HBO Max, now boasts 73 million subscribers. Netflix remains king with 209 million subscribers.
However, Netflix reported that during the first half of 2021, growth from new subscribers slowed down. The company had to bank on its international shows and original series in order to stay in the game.
Thankfully for Netflix, Squid Game became a megahit. attracting new viewers in the process. As a result, the company now thinks it can beat estimates until the end of the year.
Watch Bloomberg’s Markets and Finance video reporting that Netflix estimates ‘Squid Game’ to be worth almost $900 Million:
Did you watch Netflix’s Squid Game? Did you like the series? In addition, will you watch more international shows like it?
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