The Future of 'Squid Game,' More K

From ongoing Squid Game fever following the latest announcement of the final Season 2 cast to the explosion of reality series like Physical: 100, the Korean show craze on Netflix has shown no signs of slowing down.

At a press conference during his visit to South Korea in late June, Netflix co-CEO Ted Sarandos noted that "a staggering 60 percent of our members have now watched one Korean title—with viewing of K-content up sixfold globally in the last four years."

Sarandos said that "over the next four years, we will invest $2.5 billion in Korea."

The Netflix chief noted that 90 percent of "K-romance viewing now comes from outside Korea," while last year's Carter film and two cult K-dramas—All of Us Are Dead and The Glory—joined Netflix's top 10 ranking in over 90 countries.

But "nothing quite beats Squid Game—the biggest TV show in history on any metric we've ever seen," he said. The series reigns as Netflix's most popular television show of all time, outranking Stranger Things and Bridgerton.

"I believe we're just scratching the surface of what's possible," in the partnership between the streamer and South Korea, Sarandos said during his visit. "It's why Netflix is investing for the long term."

Here we unpack what the future may hold for Squid Game and other Korean shows and films on Netflix.

The next few years, especially following the release of Squid Game Season 2, could see the Squid Game franchise go into full gear, from spinoffs to video games.

"The Squid Game universe has just started," Don Kang, the VP of Korean content at Netflix told Newsweek at Netflix Korea's headquarters in Seoul, the South Korean capital, back in February.

The series has already seen its first television show spinoff, which could perhaps pave the way for other versions, such as a Hollywood remake in the U.S.

Kang said the streamer was "very excited" for Squid Game: The Challenge, the reality show premiering in November. The show will see 456 players compete in a string of games (non-fatal ones, of course) in a bid to win $4.56 million, the largest cash prize in reality television history, according to Netflix.

From as early as October 2021, less than a month after the show premiered in September 2021, the streamer began looking at "different areas of potential" to explore, including games and consumer products, Netflix's VP of content for Asia Pacific, Minyoung Kim, told The Hollywood Reporter at the time.

Squid Game-inspired games have already cropped up on some gaming platforms and distribution services such as Twitch, Steam and Roblox.

During his Korea visit, Sarandos said: "Who would have guessed...that a TV show made in Korea for Koreans would cause a craze for green tracksuits [which feature in Squid Game] in America? Or push sales of Vans sneakers [replicating the white sneakers worn by the players in Squid Game] up by nearly 8,000 percent when released on Netflix? That's the power of Korean storytelling."

Squid Game has garnered fans from all corners of the world, including Hollywood.

Back in September 2022, Squid Game writer/director Hwang Dong-hyuk said Leonardo DiCaprio is a "big fan" of the show. He teased the possibility of the Titanic star appearing in the series, saying, "Maybe if time or chances allow, we can ask him to join the games."

Asked whether Netflix could potentially begin pitching Korean works to Hollywood talent, Kang told Newsweek in February: "That would be exciting. If there's the right role, why not?"

He explained that if it's the "right approach" for a given script and if Hollywood actors want to be featured in Korean content, "and I know some of them do," the VP of Korean content said, without specifying who, "it would be a great collaboration and the start of something new."

Kang noted it would happen "only if it makes sense for the local audiences first," before laughing and pausing to add, "Well, depending on who it is."

Perhaps the next few years could also see Hollywood directors/producers deployed to work on the next Squid Game or other major Korean series or films on Netflix.

Famed Korean directors—such as Parasite's Bong Joon-ho and The Handmaiden's Park Chan-wook—have already featured in several Hollywood projects. Bong's latest upcoming film Mickey 17 stars Robert Pattinson, while Park's Oldboy film got a Hollywood remake directed by Spike Lee in 2013.

Squid Game's runaway global success may have opened a door to creating made-for-export type shows geared towards an international audience.

However, Netflix's approach towards the development of K-dramas and other content remains centered around the local audience, Kang said in February.

"What I genuinely believe is that a story has to be locally relevant first," the VP said, so "our primary focus is always local."

Referring to the Korean audience, Kang explained: "We know our stories and we know what works with our members [on Netflix]. If you try to create a show imagining you know your audience...it's very unlikely that you'll get it right" and equally unlikely to "be very authentic to your genuine creativity."

Netflix's $2.5 billion investment in Korea will also devote funding to training programs for "the next generation of creators" both in front and behind the camera, Sarandos announced in Korea in June.

The streaming service is working with the Korea Radio Promotion Association to help talented young people gain experience in the production industry.

Noting that "we have to invest in their talent collectively as an industry," Sarandos said that between 2022 and 2025, "one in five Netflix titles in Korea will have come from a first-time writer or director."

Kang also said in February that the company is committed to "discovering new artists, directors, writers and talent."

Kang said in February that South Korea has "so much more to offer than the traditionally known romantic comedies," with "so much more creativity to be unfolded."

The streamer is committed to showcasing a variety of content, including the "best that Korean cinema has to offer" and "crazier" nonfiction programs, following the recent hits Physical: 100 and Single's Inferno, he said.

Physical: 100, which sees contestants battle for the title of having the "ultimate physique," became one of the streamer's most popular non-English unscripted programs ever. Single's Inferno, the popular Korean dating series, was the first Korean reality show to join Netflix's global top 10 ranking last year.

And there's more to be unraveled in Korean cinema. The Handmaiden's Park was announced to be a co-screenwriter and producer of the upcoming Korean period film War and Revolt, his first-ever Netflix film, which he spoke about with Sarandos at a Q&A panel during the Netflix chief's visit last month.

During the talk, Sarandos said: "I've been in love with Korean films for many years now" and "The quality of Korean cinema is incredible and no one can keep up with it."

He noted: "We're in an age where you can see any film at the click of a keyboard. Now is the optimal, golden era for storytelling and we all need to take advantage of that."