Global Premiere and Massive Viewer Response
Season 3 of Squid Game was officially launched on Netflix on June 27, 2025. Netflix released all six episodes simultaneously. Season 3 has been heavily marketed as the final installment of the series, and the promotional build-up was unprecedented in global media. Business Insider and other platforms described the season as a kind of “final showdown.” Vanity Fair wrote about the season calling it a brutal mirror of our social inequality.
While it is true that Netflix has yet to report on official viewership numbers for Season 3, the preliminary predictions indicate it is on track to meet, if not exceed, the records set by Seasons 1 and 2. Season 1 was viewed a historic 1.65 billion hours becoming the most-watched Netflix show in history, while Season 2 achieved similar proof of viewership at 1.18 billion hours. Due to the ongoing anticipation for Season 3, the series finale is anticipated to yield even more dramatic results.
2. Record Prize and Record Investment
One of the biggest news bites shared about Season 3 was the fictional prize pool of ₩45.6 billion, around 33.4 million USD, the biggest prize pool ever seen in the Squid Game universe. The game’s premise emphasizes high-stakes games to critique the real-world obsession with monetary value while speaking to its relationship to one’s survival.
From a business perspective Season 1 reported to cost right around 16.7 million to make but produced estimated “impact value” of 900 million for Netflix. Development for Season 2 followed close behind with around 891 million produced. While
Subscription Revenue vs. Cultural Impact
While Netflix does not break down its income by show, it does show how every title affects subscriptions and retention. Earlier reporting indicated that internal documents showed that Squid Game Season 1 became one of the most profitable pieces of content the platform ever released.
Parrot Analytics reported that Korean drama (K-content) had a $3.4 billion impact on subscriptions to Netflix content between 2021-2024. Squid Game was the flagship of this movement and has done tremendous work to demonstrate international audiences are possible. The intensity of the drama, the suspense of the storyline, combined with controlled, sharp social commentary seems to be a winning mixture to capture the attention of audiences both in Korea and across the world.
4. Subscriber Gain Related to the Franchise
In the fourth quarter of 2024, Netflix added 18.9 million subscribers to the service. This surge included the return of Squid Game Season 2, which brings Netflix one of its largest quarterly spikes in subscriber growth in its history. The quarter also brought in $10.2 billion in revenue, and so far into 2025 finds Squid Game Season 3 continuing similar audience engagement generating vast revenue.
By integrating elements of sports, live events, format series, and global series like Squid Game, the platform moves beyond scriptedd drama and attempts to diversify and develop a media ecosystem that Netflix sees itself in. The company is committing to a holistic engagement with the user and asking audiences to book an experience that moves from international stories with viral potential to sport, titles, and content that serve the same purpose as a daily news broadcast.
Marketing and Global Fan Engagement
After Season 3 was released, Netflix organized a massive event in Seoul, South Korea, with a live parade and fan meetups. Fans and celebrities worldwide attended. The company also launched themed merchandise, interactive experiences, and digital campaigns to cultivate a greater fan relationship.
The series creator, Hwang Dong-hyuk, has also become a global superstar. He previously struggled financially before issuing Season 1, but now has been compared to the powerful “VIPs” he created in the series. In interviews, Hwang indicated the villains in Season 3 were based on real-life people—most importantly, Elon Musk. According to Hwang, the new villains represented tech billionaires who can no longer hide in the dark—they now flaunt their power in the light.
6. U.S.A. Expansion and Spinoff Rumors
While Season 3 lays to rest Gi-hun’s story arc, the final episode ends with a surprise cameo from the Oscar-winning actress Cate Blanchett, potentially portending a new arc based in the U.S.A. This brief appearance revive speculation and rumors of a future Squid Game spinoff initially developed for the English-speaking audience.
Rumors are also that legendary movie-maker David Fincher will potentially be involved in producing the U.S.A. version that is tentatively scheduled for
Financial Impact on Netflix
Squid Game has had a massive impact on Netflix’s business overall:
Over 300 million total subscribers across the world by the end of 2024
Q4 2024 revenue: $10.2 billion (up 16% from the prior year)
The stock price rose from 10%–14% after the reveal of Season 2 and gotten approved for Season 3.
The franchise has helped to decrease churn and grow Netflix’s holdings in crucial markets including South Korea, India, and Latin America. Moreover, from Season 3’s releasing globally in more than 190 countries, we see it providing continuity for audiences and companies to engage and have consistent income sales from merchandise and licensing.
8. Merchandise, Games and Brand extensions
Squid Game has become more than a show; it has become a brand. Merchandise increased dramatically within days after the end of Season 1. Green jumpsuits, “Player 456” T-shirts and Vans slip-on shoes were quickly sold out in numerous countries.
Netflix has also explored releasing a Squid Game video game and partnering with several global brands to build a franchise beyond the show. Much like it did for season 2, the Dalgona candy challenge became wild again when it was brought back with a twist for Season 3. A theme escape room based on the original show sprung up in certain major cities that also attracted a great deal of attention.
K-Drama’s Global Influence and Cultural Impact
Korean content has emerged as an integral part of Netflix’s current programming, fueled by the phenomenon of Squid Game in the time from 2021 to 2025, the platform invested billions of dollars in Korean content, including drama, documentaries, and films, hoping to reach similar success of another cultural touchstone.
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The series’ unique ability to blend intense levels of dramatic situations with sharp social commentary, established a future standard for international television. The series also tapped into a broader interest for stories told around similar themes, including poverty, control, and personal sacrifice. The repercussions of Squid Game have gone past the viewing experience; its influence has found its way into classrooms, corporate boardrooms, and cultural encounters as well.
10. Risks and Future Challenges
Despite the enormous success of the previous franchise, Netflix continues to operate under precarious circumstances. The company continues to revise how it measures and reports user data, whether it be through number of subscriptions sales body count, current and financial impact. This new data measurement could impact confidence with investors and media analysts in the continued future.
Moreover, the company increased direct-to-consumer prices in the number of countries, with for example subscription plate upgrades throughout the U.S., with simple upgrade’s prices going from $17.99 to $20.49, this creates challenges to differing degrees for consumers in mature markets – even more so without higher performing global content such as the Squids.
Further the question remains as to how long Netflix can continue to turn out successful franchises before shareholders question the dilution of the value of its franchises. After all, if they see reasonable returns with spin-
Conclusion: Legacy of a billion dollars of Squid Game
Squid Game season 3 has notwithstanding been a huge success with record-breaking engagement, huge amounts of prize money, political themes, and sprinkles of international expansion. This creates yet another example that illustrates a franchise is much larger than a streaming hit. It remains to be seen if there will be more deadly games or instead the beginning of a new story with the themes of Squid Game in a completely different part of the world. Either way, we are sure to see more Squid Game content in the pipeline, both creatively on-screen and economically as a business.
Netflix has not just become an entertainment empire by creating quality content; they have built an empire by taking cultural moments and creating actual businesses. Squid Game incorporates all aspects of this model: drama, social critique, global babe, and a billion-dollar brand.
