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Netflix’s latest survival drama, Squid Game, has upped the stakes of the Korean entertainment industry, quite literally. There has been a sudden massive increase in the stocks of Korean media companies, especially Bucket Studio Co., Showbox, and Siren Pictures, who are all connected to Squid Game directly or indirectly.
Squid Game is the first K-drama to achieve the No. 1 rank on Netflix in the US. The show, directed by Hwang Dong Hyuk, has been trending everywhere since its release. The last Korean show to reach the peak in the US charts was the 2020 sci-fi thriller Sweet Home, which stood at No. 2.
Hwang Dong Hyuk’s Squid Game boosts investments shares of Korean media companies
The biggest winner is Bucket Studio Co., which has a 15% stake in the show’s lead actor, Lee Jung Jae’s agency, Artist Company. According to Korea’s JoongAng Daily, Bucket Studio’s shares hit the 30% daily trading limit on two days since Squid Game’s debut on September 17, doubling the company’s shares.
Showbox Corp. had previously invested in Siren Pictures, the production company for Squid Game. Since the massive success, the indirect influence led to Showbox’s investments jumping 50% before slipping down on Monday.
This slip might also be because a representative from the company informed the press that their investment in Siren Pictures was not connected to Squid Game in any way.
Then there are the other behemoth media companies behind the most popular K-dramas that have benefited from Squid Game’s and its predecessors’ success.
CJ ENM’s Studio Dragon, the company behind the classics Goblin, Legend of the Blue Sea, Chicago Typewriter, and recent hits Start-Up, Vincenzo, Flower of Evil, It’s Okay to not be Okay, rose 5.17% at 89,500 KRW a share.
The recent top hits Sweet Home and Kingdom were also produced by Studio Dragon.
On the other hand, JTBC Studios rose 6.85% to 49,900 KRW a share. Nevertheless, Itaewon Class, Law School, Beyond Evil, Sisyphus: The Myth, and more make up the roster for JTBC shows.
Kim Ji Yeon, CEO of Siren Pictures, told Bloomberg about the vast potential Korean companies now have, saying that Korean entertainment “could pose a serious competitive threat to the Hollywood powerhouses.”
With BTS towering over other celebrities in the Billboard charts and selling out stadiums, Parasite’s Oscar-winning moments have boosted the Hallyu Wave like no other. Reports at the start of 2021 revealed Netflix investing $500 million on original movies and shows in South Korea.
Netflix is not alone, though. Apple TV+, HBO Max, and even Disney+ are reportedly investing in South Korean content too.
