Squid Game 3 reported to consist 6 episodes with a filming budget of $68.9 million and heading for a mid-2025 release

On February 10, 2025, Pannchoa reported that Squid Game 3 is scheduled for release on June 27, 2025. This upcoming season will consist of six episodes and have a filming budget of a whopping $68.9 million (around 100 billion KRW). This makes Squid Game 3 the most expensive Korean series to date, surpassing IU and Park Bo-gum's $41.3 million production budget.

Season 2 was produced with a budget of approximately $84 million, reflecting a significant increase from the $21.4 million for Season 1. This funding increase facilitated more elaborate set designs, advanced CGI, and higher compensation for cast members.

Season 3 will pick up after the devastating twist of the season 2 finale, delving into Gi-hun's (Lee Jung-jae) choices amid despair following his failed rebellion attempt, which cost his allies' lives.

The Front Man (Lee Byung-hun) returns to his menacing role, overseeing the deadly games with increased fervor. The narrative will explore the fallout from Gi-hun's rebellion, the sinister games, and the fate of the surviving players.

The rapid succession of seasons 2 and 3 suggests a strategic production approach. Season 2 premiered on December 26, 2024, with season 3 following to be released in June this year. This swift turnaround indicates that the two seasons may have been developed in close succession, if not concurrently.

---

Netflix's Squid Game 2 run-through from episodes 1 to 7

Squid Game 2 saw the distraught journey of Seong Gi-hun (Lee Jung-jae) as he dived deeper into the sinister world of the deadly games. This season comprised seven episodes, each unraveling new layers of suspense, strategy, and survival.

Episode 1: Bread and Lottery

The season opened with Gi-hun, now financially affluent but emotionally scarred, determined to usurp the organization behind the games. He embarked on a mission to locate the recruiter, portrayed by Gong Yoo, who initially trapped him in the deadly competition.

Concurrently, former detective Hwang Jun-ho (Wi Ha-joon), having survived his previous ordeal, resumed his investigation into the game masters' clandestine operations.

Episode 2: Halloween Party

Gi-hun's relentless pursuit led him to a clandestine meeting where he confronted the recruiter in Squid Game 2 episode 2. A tense exchange ensued, culminating in a perilous game of Russian Roulette. Gi-hun's survival resulted in the recruiter's unexpected death, providing him with critical information about the inner workings of the games.

Meanwhile, Jun-ho uncovered a network of individuals complicit in orchestrating the deadly events, deepening the conspiracy.

Episode 3: 001

In Squid Game 2 episode 3, Gi-hun infiltrated a new iteration of the games, posing as a participant to gather intelligence. The initial challenge revisited the infamous "Red Light, Green Light," but with heightened stakes and unforeseen obstacles.

Gi-hun tried to save the participants, however, half of them got killed as they all started running in panic. Also, the Front Man entered the game under the disguise of Player 001.

Episode 4: Six Legs

As the games progressed, alliances among players became both a source of strength and vulnerability. Gi-hun formed a coalition with several participants, including Jung-bae, Dae-ho, and others, including a resourceful strategist and a physically formidable contender.

In Squid Game 2 episode 4, trust was tested among players as the organizers introduced psychological challenges designed to exploit personal fears and insecurities, leading to unexpected betrayals and shifting dynamics.

Episode 5: One More Game

Jun-ho's investigation revealed an underground network facilitating the recruitment and management of game participants. He discovered that influential figures in society were not only aware of the games but were active participants in their perpetuation. His probing placed him in imminent danger, forcing him to navigate a treacherous web of deceit and corruption.

Episode 6: O X

In a morally complex challenge titled "O X," players were divided into two opposing groups based on their choices in a series of ethical dilemmas. The game escalated into a deadly confrontation, with Gi-hun striving to mediate and prevent unnecessary bloodshed. The episode delved into philosophical questions about morality, survival, and the human condition.

Episode 7: Friend or Foe

The season culminated in a high-stakes finale where Gi-hun's covert efforts to subvert the game reached a critical juncture. A rebellion ignited among the players, leading to a chaotic uprising against the masked enforcers. Gi-hun confronted the Front Man, resulting in a climactic showdown. Jung-bae and several others were killed, and Gi-hun was captured.

---

Squid Game seasons 1 and 2 are available on Netflix.