Anticipation for the Final Season of ‘Squid Game’
With only two days left until the premiere of the highly anticipated final season of Squid Game on Netflix, Don Kang, who leads the platform’s Korean content, recently spoke at the APOS media and entertainment summit. He shared insights on the global influence of Korean series, current challenges in production within Korea, and how Netflix’s new advertising model is performing in the region.
The promotional activities for Squid Game are ramping up impressively, with the show’s stars making notable appearances in New York and Los Angeles. A grand parade in honor of the series is also scheduled to occur this Saturday in central Seoul, stretching from Gwanghwamun to Seoul Plaza, in collaboration with the Seoul Metropolitan Government.
Kang expressed his focus at the APOS summit in Bali, Indonesia, emphasizing his priority to deliver a satisfying conclusion to the series’ fans rather than dwelling on metrics or projections. “It’s all about providing a memorable end to the series that the fans deserve and showcasing the exceptional efforts of our cast and crew,” he stated. “The turnout at the New York premiere last week was overwhelming, and it was thrilling to witness such enthusiasm firsthand.”
Having been with Netflix for seven years after a stint in international distribution at Korean media giant CJ ENM, Kang has managed the phenomenally successful series across its three seasons alongside creator Hwang Dong-hyuk.
Kang reflected on his earlier role, “Before joining Netflix, I was involved in distributing Korean content primarily within the APAC region. It was challenging to reach audiences beyond these borders. However, the move to Netflix opened up unprecedented global viewership for Korean shows, particularly with Squid Game, which for many was their introduction to Korean series. Since its debut, over 80% of Netflix subscribers have engaged with Korean content, continuing to do so regularly.”
“The journey from the first to the second season took three years, and there was uncertainty about audience interest. Yet, the viewership numbers we saw were staggering, with season two alone drawing over 190 million views,” Kang added. The second season premiered to over 60 million views in its first week, marking it as the top show on Netflix for the latter half of 2024, with the first season holding the record as the most-watched ever.
Challenges in the Korean Creative Industry
The launch of Squid Game‘s third season comes at a time of considerable concern within the Korean film and TV industry, facing high production costs and low box office turnout, the worst in 20 years. Addressing these issues, Kang remarked, “There was a time we produced up to 150 series a year, largely driven by exports to China and growing global interest. However, production has seen highs and lows, and while the halt in exports to China was seen as a major setback, we’ve experienced similar cycles before. The key is to manage costs effectively and maintain production quality. I am confident about our resilience and future prospects.”
Kang noted the importance of prudent financial strategies and negotiations in determining production budgets, ensuring investments are proportionate to the project’s scale and potential. He also stressed the importance of nurturing new talent, aiming for 20 to 25% of Netflix’s Korean offerings to come from emerging creators.
Regarding the adoption of Netflix’s ad-supported tier in Korea, Kang shared that it parallels the global uptake rate, with half of all new Korean subscribers opting for this model. “This tier not only offers flexibility in pricing but also opens up new avenues for brands to integrate with our content,” he explained.
Netflix has also been actively forming strategic partnerships, notably with Korean internet company Naver and car manufacturer Kia. The collaboration with Naver began in September last year, integrating Netflix’s ad-supported plan into the Naver Plus membership since November.
“Engagement is our prime metric for success,” Kang stated, highlighting the innovative approach with Naver to tap into new audience segments in Korea.
A recent global survey commissioned by Netflix, which included over 11,500 participants from markets like the U.S., Brazil, France, India, and Japan, indicated a significant correlation between viewership of Korean content on Netflix and increased interest in Korean culture. Netflix users were twice as likely to express interest in exploring more Korean content and culture compared to non-users.
Kang concluded by emphasizing the role of Netflix’s Korean series in promoting broader cultural understanding. “These shows not only entertain but also introduce viewers to Korean cuisine, music, and locales, enhancing global perception and appreciation of Korean culture,” he noted.
Daniel Hayes is a business journalist with a focus on market trends, startups, and corporate strategies.
His sharp analysis and investigative reports make complex financial topics accessible to all readers.
