By Jordan Hum | Copy Editor
On Sept. 17, “Squid Game” was released to Netflix and immediately skyrocketed to the top of the charts. The global phenomenon took over social media, inspired countless Halloween costumes, and earned the actors an appearance on “The Tonight Show with Jimmy Fallon”, but the show would also save Netflix’s falling viewership ratings.
With the gradual return to life from COVID-19, Netflix saw a drop-off in North American viewership for the first time in its history. According to Techradar.com, Netflix’s 2021 second quarter earnings report revealed that the largest streaming platform in the world had lost half a million subscribers. It came as a surprise, as Netflix forecasted that the company would gain subscribers between Q1 and Q2 in North America.
In addition, the company only gained 1.5 million subscribers in the Asia-Pacific region, which is disappointing, to say the least. Netflix predicted 6 million new users globally, but only managed to gain 4 million. It is safe to say that Netflix underperformed in the second quarter of 2021.
However, this can all be put to rest thanks to the popular Netflix original “Squid Game”, which helped the Q3 earnings report look significantly better. The Korean drama boosted Netflix’s subscriber ratings, with North America gaining 70,000 new users and the Asia-Pacific region gaining 2.2 million. Globally, Netflix gained 4.4 million subscribers, which surpassed the 3.5 million estimate, according to The Hollywood Reporter.
“Squid Game” being a South Korean show can certainly claim responsibility for the dramatic increase in Asian viewership, but it accounts for the global increase as well. The hit show reached number one on the Netflix charts in over 80 countries, and garnered 111 million viewers, making it Netflix’s biggest show ever according to The Guardian. It showed the world that a show that requires subtitles could reach a wider audience, and followed in the footsteps of movie films like “Parasite”, a South Korean film that took the top prize of Best Picture at the 2019 Academy Awards.
It is evident that the success of “Squid Game” increased Netflix’s falling viewership numbers, but it remains unknown how Netflix will proceed from this point on. As every shooting star dies out, each hit show loses its pageantry.
It will be interesting to see how Netflix can follow up on a sensation like “Squid Game.” Producing a second season of this hit show is certainly an idea worth pursuing.
