Netflix has revealed its position on the analysis of expected revenue for ‘Squid Game 2’.

On the 1st, Netflix said in an official statement, “We deeply appreciate the interest and love you have shown to ‘Squid Game 2’, a proud Korean work that has ranked first worldwide on the official Netflix statistics site since its first week of release,” but added, “Regarding the analysis of individual work revenue of ‘Squid Game 2’ announced by a domestic research organization yesterday (December 31, 2024), there are some parts that are completely different from the facts, so we are expressing our position.”

Netflix said, “Monthly subscription services such as Netflix cannot generate additional revenue from the number of views or viewing time of individual works. Therefore, it is impossible to calculate revenue from the box office success of a single work. There is also no official information that enables the estimation of financial revenue from individual works. Netflix also does not and cannot evaluate the performance of works in this way,” it said.

Netflix explained, “Estimates or forecasts of additional revenue for individual works are appropriate for analyzing box office performance through movie ticket sales or VOD service sales centered on single-unit payments. They cannot be applied to subscription services where members pay a fixed amount every month and can watch unlimited content.”

They added, “Netflix has a structure that produces works that are loved worldwide based on members’ valuable monthly subscription fees. We are concerned that inaccurate information is being spread due to incorrect analyses or claims that can cause great misunderstandings about this corporate structure.”

Previously, media research institute K-Entertech Hub released figures comparing and analyzing seasons 1 and 2 of ‘Squid Game’. K-Entertech Hub said, “‘Squid Game 1’ had a production cost of approximately 25 billion won and generated a profit of approximately 1 trillion won. The rate of return was approximately 40 times the production cost,” and “‘Squid Game 2’ had a production cost of approximately 100 billion won, which is four times that of the previous work. ‘Squid Game 2’ expected revenue is estimated at a minimum of 1.5 trillion won,” he claimed.

However, Netflix stated in response to the analysis, “There is also no official information that enables estimation of financial revenue from individual works.”


● Below is the full official position

We deeply appreciate the interest and love you have shown to ‘Squid Game 2’, a proud Korean work that has ranked first worldwide on Netflix’s official statistics site since its first week of release.

Regarding the analysis of individual work revenue of ‘Squid Game 2’ announced yesterday by a domestic research organization, there are some parts that are completely different from the facts, so we would like to tell you Netflix’s position.

Monthly subscription services such as Netflix cannot obtain additional revenue separately from the number of views or viewing time of individual works. Therefore, it is impossible to calculate revenue from the box office success of a single work.

The revenue from individual works There is no official information that allows for estimation of monetary profits. Netflix does not and cannot evaluate the performance of works in this way.

Estimating or predicting additional profits for individual works is suitable for analyzing box office performance through movie theater ticket sales or VOD service sales centered on single-purchase transactions. It cannot be applied to subscription services where members pay a fixed amount every month and can watch unlimited content.

Netflix has a structure that produces works that are loved worldwide based on the valuable monthly subscription fees of its members. We are concerned about the spread of inaccurate information due to incorrect analysis or claims that can cause great misunderstanding about this corporate structure.

Thank you

Netflix Dream

Hong Se-young, Donga.com Reporter projecthong@donga.com