Squid Game's future in Netflix became clearer after the streaming giant confirmed how it beat the previous most-watched series, Bridgerton.
One month after its debut on September 17, Squid Game officially became the website's biggest-ever series that ever launched on the platform. In comparison, the Korean Netflix series beat Bridgerton's 82 million households in the first 28 days after its Christmas debut.
In addition, Squid Gamebecame the number 1 series in Netflix's Top 10 Most Watched in 94 countries, including the US. The feat made the series the first-ever Korean flick to ever reach the spot in Netflix's home country.
With that, viewers questioned whether it could be the first billion-dollar earner for the streaming giant.
Squid Game Can Almost Gain $1 Billion For Netflix
In a new report by Bloomberg, it has been estimated that Netflix's megahit will generate $900 million in Netflix's value. As of this writing, it already created $891.1 million in impact value – hundred of millions higher than its $21.4 million overall budget.
Although Netflix refused to give further details on the metrics Squid Game made, the news outlets revealed that 132 million people watched at least two minutes of the show during its first 23 days. That part alone beat Bridgerton's previous record.
Meanwhile, 89 percent of the users who began watching the show spent 75 minutes watching the series. Meanwhile, 66 percent of the total viewers – around 87 million – finished the series in its first three days.
Overall, people spent 1.4 billion hours watching the show.
"We think Netflix has found a sound and profitable strategy with its content internationalization efforts, with 'Squid Game' a perfect example. This and its 'Seinfeld' launch in Q4 should provide a solid cushion," Michael Pachter, an analyst with Wedbush Securities, said.
Netflix Found Hope In Squid Game
Since the pandemic began, Netflix's earnings were notably high compared to the time when a lockdown had not been imposed. However, the company had been affected again when the governments lifted the COVID-19 restrictions and allowed people to do things aside from watching the TV.
As of the writing, Netflix's shares reach more than 6 percent compared to last month, and the Korean series is expected to warm it even more in the next few weeks.
"The group's ability to pump out big-hitting content like 'Squid Game' may well be moving the dial on this front, but we do wonder what the reopening of the world will have meant for growth," Sophie Lund-Yates, equity analyst at broker Hargreaves Lansdown, said.
Squid Game is yet to leave Netflix, and the Korean hit series will surely break more records in the next few months.