WEBVTT - Netflix’s Big Bet On ‘Squid Game’

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>If that sound immediately filled you with panic and dread,

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<v Speaker 2>you're likely one of the many, many fans of Squid Game,

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<v Speaker 2>the gory, dystopian South Korean TV series which is coming

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<v Speaker 2>back for a second season this week. Game is Wrong,

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<v Speaker 2>Welcome back to the game. Indeed, the first season of

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<v Speaker 2>Squid Game generated and estimated nine hundred million dollars in

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<v Speaker 2>value for Netflix, and the show was a hit around

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<v Speaker 2>the globe.

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<v Speaker 3>Season one of Squid Game was the most popular season

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<v Speaker 3>of television Netflix has ever released.

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<v Speaker 2>That's Lucas Shaw, a Bloomberg editor covering media and entertainment.

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<v Speaker 3>No show since then has eclipsed it.

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<v Speaker 2>To promote the show, Netflix is running one of the

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<v Speaker 2>largest promotion campaigns in the company's history in South Korea

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<v Speaker 2>and around the world. Earlier this month, in Paris, hundreds

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<v Speaker 2>of people descended on the Chanzo Lise to compete for

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<v Speaker 2>tickets to watch the season two premiere. You can hear

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<v Speaker 2>how much one of the team captains, a YouTuber named

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<v Speaker 2>inox Tag, is trying to pump up the crowd in

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<v Speaker 2>this video posted on his channel.

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<v Speaker 3>The Life Exception. Having in New.

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<v Speaker 2>York, Netflix set up an escape proom experience where excited

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<v Speaker 2>fans are testing out their own survival instincts and then

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<v Speaker 2>posting videos on YouTube, and in Spain and Portugal, fans

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<v Speaker 2>can eat a special Squid Game themed KFC meal.

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<v Speaker 4>Those pink sub guards could be found everywhere from Bondai

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<v Speaker 4>Beach to Shanzo Luzi and the real sized Youngi doll

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<v Speaker 4>flowing on the river of bankog so He.

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<v Speaker 2>Kim is Bloomberg's Asia entertainment reporter based in Seoul.

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<v Speaker 4>I've never seen any kind of global marketing on a

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<v Speaker 4>single drama series bigger than this.

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<v Speaker 2>All these live events, experiences and collaborations with other brands

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<v Speaker 2>are part of a bigger strategy for Netflix to extend

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<v Speaker 2>the show's popularity by growing it beyond the screens.

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<v Speaker 3>Netflix wants to turn this into something that wasn't just

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<v Speaker 3>a one off, you know, sensation in twenty twenty one,

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<v Speaker 3>and be a show that can last throughout the decade.

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<v Speaker 2>Lucas and So He got to visit the set where

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<v Speaker 2>they filmed season two of Squid Game. They talked to

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<v Speaker 2>the show's director Huangdong Huk about his journey and how

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<v Speaker 2>season two almost never even got made. Welcome to the

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<v Speaker 2>Big Take Asia from Bloomberg News. I'm Rebecca Chung Willkins.

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<v Speaker 2>Every week we take you inside some of the world's

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<v Speaker 2>biggest and most powerful economies and the markets, tycoons, and

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<v Speaker 2>businesses that drive this ever shifting region. Today on the

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<v Speaker 2>show Netflix's Big bet on expanding squid Game into a

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<v Speaker 2>global franchise. Squid Game dropped in September twenty twenty one

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<v Speaker 2>at the height of the pandemic, and almost overnight, the

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<v Speaker 2>nine episode series blew up into a global phenomenon. So

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<v Speaker 2>he for people who haven't watched Squid Game, what is

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<v Speaker 2>a story about?

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<v Speaker 4>Squid Game is a survival thriller story around his Honky Hun,

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<v Speaker 4>who is a gambling addict and is really broke. He

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<v Speaker 4>gets invited to this mysterious death or in life competition

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<v Speaker 4>on a heathen island in South Korea where he's invited

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<v Speaker 4>to play in these children games. The ultimate winner over

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<v Speaker 4>hundreds of other competitors receives a large cash price and

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<v Speaker 4>I will live it at that So to not spoil.

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<v Speaker 2>It, well, spoiler a lot. The premise of this show

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<v Speaker 2>is that if you win these playground games, you get rich,

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<v Speaker 2>really rich, but if you lose, you get killed, So

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<v Speaker 2>it does get quite violent. So the people in the

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<v Speaker 2>show take these great risks in pursuit of money. What

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<v Speaker 2>does director Huang hope that people will take away from

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<v Speaker 2>the show?

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<v Speaker 4>I talked to the director and he told us that

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<v Speaker 4>the story is really about the unlimited competition of capitalist

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<v Speaker 4>society and how unequal that is. The show explores themes

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<v Speaker 4>of the gap between the reach and the poor and

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<v Speaker 4>how far people will go for money?

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<v Speaker 2>Sure, and what did director Huang tell you about what

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<v Speaker 2>inspired him to write this kind of story?

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<v Speaker 4>So it was during the global financial prices in two

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<v Speaker 4>thousand and eight. The financial crisis hit the content market

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<v Speaker 4>in South Korea as well, and director Juang went almost broke.

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<v Speaker 4>He had less than the ten dollars in his bank account,

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<v Speaker 4>nothing to do but reading comic books, being hopeless and

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<v Speaker 4>resentful against the society, and the only way out from

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<v Speaker 4>this desperate reality emerged in his imagination, like questioning himself,

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<v Speaker 4>what if there's a survival game that could turn his

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<v Speaker 4>life upside down and make him a millionaire? And what

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<v Speaker 4>kinds of games he would be winning and make him

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<v Speaker 4>the finest survival So the script from the Lifeboard Death

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<v Speaker 4>situation has become the Squeak Game.

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<v Speaker 2>But once he had the story down, so he says,

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<v Speaker 2>Huang had a hard time selling the script to Korean

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<v Speaker 2>production houses and broadcasting stations. He says they thought it

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<v Speaker 2>was too violent, confusing, and expensive to make, so to

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<v Speaker 2>work on something else, directing films and waiting for the

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<v Speaker 2>right buyer for Squid Game to come around, And a

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<v Speaker 2>decade later, in twenty eighteen, he finally found someone interested

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<v Speaker 2>in buying it. Netflix.

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<v Speaker 4>Netflix launched at streaming service in twenty sixteen in South Korea.

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<v Speaker 4>The main strategy of Netflix has been focused on local

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<v Speaker 4>stories for local audiences, so Netflix picked up the idea

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<v Speaker 4>of a quangscript around twenty eighteen. So yes, it was

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<v Speaker 4>a lucky deal for Uhang as well. In foreign Netflix,

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<v Speaker 4>Netflix bought the show and focused mainly on promoting it

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<v Speaker 4>to a regional audience, so Netflix didn't heavily promote the

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<v Speaker 4>show when it first came out. It was targeting Korean

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<v Speaker 4>and some local audiences in Asia.

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<v Speaker 2>But then this series took the world by storm. For

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<v Speaker 2>a time, it top Netflix's list of the most watched

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<v Speaker 2>titles on every continent. The show won multiple Emmy Awards

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<v Speaker 2>and was spoofed on Saturday Night Live. The ultimate signal

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<v Speaker 2>in the US that something is broken into the culture

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<v Speaker 2>when SNL can name check it, no explanation.

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<v Speaker 1>Needed, broken, damn shame, you're gonna play the schoo weird game.

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<v Speaker 2>It was clear the company had a hit on their hands,

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<v Speaker 2>and naturally they wanted to keep that going, but they

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<v Speaker 2>had a problem at the end of the first season.

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<v Speaker 2>Huang initially had no plans for writing a second The

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<v Speaker 2>director told so He that making season one was so

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<v Speaker 2>intense that he lost seven or eighteenth during the process.

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<v Speaker 5>She didn't want to interview honestly. After first season launched,

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<v Speaker 5>I said, no, there is no second season because you

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<v Speaker 5>were so challenging. I lost so many teeth. It was

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<v Speaker 5>just too tough. I never wanted to do a series again,

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<v Speaker 5>and that's what I told him.

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<v Speaker 2>And yet there were financial reasons to press ahead. Netflix

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<v Speaker 2>had paid for the first season of the show almost

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<v Speaker 2>entirely upfront, which meant that many cast members didn't immediately

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<v Speaker 2>share in the company's win form. And despite some one

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<v Speaker 2>time bonuses for the team behind the show, Huang said

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<v Speaker 2>he felt like the second season would provide the team

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<v Speaker 2>with a better chance to get more compensation.

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<v Speaker 5>And I said this many times, even though season one

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<v Speaker 5>was a mega hit and a huge global success. To

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<v Speaker 5>be honest from the creator site, we don't receive the

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<v Speaker 5>economic compensation right away because it's not set up like that.

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<v Speaker 5>The revenue U kept from the box office tickets or

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<v Speaker 5>anything like that. So we felt like we had to

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<v Speaker 5>do the second season that will provide a more eedequal compensation.

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<v Speaker 5>Befeitting the success of this show.

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<v Speaker 2>Check out as so so he Season two premiers this week.

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<v Speaker 2>What are we expecting?

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<v Speaker 4>More killings, more storylines, more characters. I'm not like giving

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<v Speaker 4>any of like secret spoilers, but it will be very

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<v Speaker 4>interesting and there will be new games. I believe.

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<v Speaker 2>After the break how Netflix is capitalizing on Squid games

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<v Speaker 2>success and can the height for the show last. Bloomberg's

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<v Speaker 2>Lucas Shaw, who covers media and entertainment, says that the

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<v Speaker 2>popularity of Squid Game has translated into real revenue for Netflix.

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<v Speaker 3>Netflix doesn't break out revenue to any specific show. However,

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<v Speaker 3>in the weeks after the first season of the show

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<v Speaker 3>came out, I obtained some internal documents that suggested Netflix

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<v Speaker 3>thought that the show was worth about nine hundred million

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<v Speaker 3>dollars to the company or would be.

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<v Speaker 2>And how does that nine hundred million compare to other

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<v Speaker 2>big global Netflix hits.

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<v Speaker 3>We don't know, because I didn't get documents that sort

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<v Speaker 3>of compared it to a bunch of others. I did

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<v Speaker 3>see it relative to a few other titles, including some

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<v Speaker 3>stand up specials, and you know, it's much much bigger

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<v Speaker 3>than any of those. And it's pretty clear that Netflix,

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<v Speaker 3>after the success of season one, wanted to try to

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<v Speaker 3>build off of that and turn it into sort of

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<v Speaker 3>a larger franchise because they thought that that would increase

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<v Speaker 3>the value of the company.

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<v Speaker 2>In addition to season two, Netflix also announced that it

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<v Speaker 2>would premiere Squid Game season three, it's final season, in

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<v Speaker 2>twenty twenty five and more. Episodes of this series are

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<v Speaker 2>just one way Netflix has been capitalizing on the show's success.

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<v Speaker 2>Since the show's release, Netflix has been building out the

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<v Speaker 2>franchise in other ways too.

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<v Speaker 3>They started developing a video game tied to Squid Game.

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<v Speaker 3>They started developing a reality television show tied to the show.

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<v Speaker 3>There's a Squid Game experience in a few cities. Vans

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<v Speaker 3>can go play the challenges from the show. There's a

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<v Speaker 3>ton of consumer product integrations right There's special edition tracksuits

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<v Speaker 3>and skincare and crocs. So yeah, if you have a

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<v Speaker 3>popular property, you want to find ways to exploit it

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<v Speaker 3>in as many ways as possible and keep it fresh

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<v Speaker 3>in the minds of your customer and give them different

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<v Speaker 3>ways to interact with it, because it will make them

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<v Speaker 3>love it more.

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<v Speaker 2>And Lucas says expanding on existing franchises like Squid Game

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<v Speaker 2>is not just potentially lucrative, but necessary for Netflix's business

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<v Speaker 2>because as the company gets bigger and bigger, it's hard

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<v Speaker 2>to find new customers.

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<v Speaker 3>Well, the original Squid Game was a huge catalyst for

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<v Speaker 3>Netflix in Asia, and so there's a strong desire for

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<v Speaker 3>that to continue. Netflix would like to see it help

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<v Speaker 3>attract more customers, certainly in South Korea, where there's strong

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<v Speaker 3>national pride about the show, but also in Japan and

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<v Speaker 3>Southeast Asia other parts of the world where it's still

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<v Speaker 3>trying to grow a lot. It's very difficult to predict

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<v Speaker 3>something brand new that people like, but once you have

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<v Speaker 3>something that you know is successful, it's much safer to

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<v Speaker 3>make more of it because you know that there's an

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<v Speaker 3>audience for it. So Netflix wants to have those tent

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<v Speaker 3>pole franchises that they can have in every quarter to

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<v Speaker 3>make sure that it serves as an attraction for potential

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<v Speaker 3>new customers.

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<v Speaker 2>So we've got the sequel of Factor trilogy, reality TV show,

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<v Speaker 2>video game, merch, potential movie spin off, these sort of

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<v Speaker 2>in person experiences. Is it fair to say it's kind

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<v Speaker 2>of like the Harry Potter of South Korea?

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<v Speaker 3>You know, look, I'm reluctant to call it the Harry

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<v Speaker 3>Potter of South Korea because a show about people basically

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<v Speaker 3>in this competition where they all die, just doesn't lend

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<v Speaker 3>itself naturally, you'd think to franchises or to exploitation. Harry

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<v Speaker 3>Potter has been a cultural touchdown now for twenty five years,

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<v Speaker 3>and it's going to continue to be for the next

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<v Speaker 3>twenty five, fifty seventy five years. My kids are going

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<v Speaker 3>to be reading them, my kids' kids might be reading them.

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<v Speaker 3>I think the odds of Squid Game having that kind

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<v Speaker 3>of longevity are pretty low. I don't think that people

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<v Speaker 3>are going to be obsessing over Squid Game in fifty years.

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<v Speaker 3>I could be wrong. I'd be happy to be wrong.

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<v Speaker 3>But it feels like a show that really defines a

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<v Speaker 3>particular decade and moment in time.

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<v Speaker 1>Lucas, do you have.

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<v Speaker 2>A prediction of how long will continue to see the

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<v Speaker 2>show ricocheting through the Netflix universe.

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<v Speaker 3>The hype will continue as long as Netflix can keep

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<v Speaker 3>more of the show going. The hits in this modern

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<v Speaker 3>age burn bright and burn fast for the most part,

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<v Speaker 3>right and unless you keep it going. Disney puts out

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<v Speaker 3>new Marvel stuff every year. They try to put out

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<v Speaker 3>new Star Wars every year. The Universal puts out new

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<v Speaker 3>Fast and Furious every couple of years. The key to

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<v Speaker 3>these franchises is the right balance between keeping it in

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<v Speaker 3>the culture and zeitgeist so people are interacting with and

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<v Speaker 3>relating to it without over exposing so that people get

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<v Speaker 3>tired of.

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<v Speaker 2>This is the big take Asia from Bloomberg News. I'm

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<v Speaker 2>Rebecca Cheung Wilkins. This episode was produced by Naomi Ung

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<v Speaker 2>Young Young and Jessica Beck with help from Alex Tie.

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<v Speaker 2>Sound design was done by Jessica. It was mixed by

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<v Speaker 2>Alex Segura and fact checked by Eddie dwe It was

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<v Speaker 2>edited by Caitlin Kenny, Aaron Edwards, and Felix Gillette. We'd

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<v Speaker 2>like to give special thanks to Gi Hyung Lee. Naomi

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<v Speaker 2>Shavin is our senior producer. Elizabeth Ponso is our Senior editor,

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<v Speaker 2>Nicole Beamstabor is our executive producer, and Sage Bauman is

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<v Speaker 2>Bloomberg's head of podcasts. Please follow and review The Big

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<v Speaker 2>Take Asia wherever you listen to podcasts. It really helps

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<v Speaker 2>new listeners find the show. The Big Take will be

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<v Speaker 2>back Thursday, and Big Take Asia will return next week.

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<v Speaker 2>See you next time.