'Squid Game' Boosted Netflix Value by $900 Million

When Squid Game premiered on Netflix in September 2021, few could have predicted the global phenomenon it would become. But behind its dystopian thriller storyline and masked guards lay a business decision that turned out to be one of Netflix's biggest payoffs in history.

Netflix’s internal documents later revealed that Squid Game generated a staggering $891 million in "impact value" — all from a modest $21.4 million investment in production. That's a return of over 40x, highlighting just how powerful content can be in driving platform growth, subscriptions, and brand equity.

• Squid Game boosted Netflix’s value by approximately $900 million.

• The show cost only $21.4 million to produce.

• It became Netflix's most-watched series globally.

• Over 142 million households watched the show within the first 4 weeks.

• The series sparked massive conversations across media, memes, and markets.

• Won multiple awards and set streaming records.

Netflix uses a metric called “impact value” to measure how much a show contributes to subscriber growth, engagement, and retention. In the case of Squid Game, the $891 million figure was based on:

• Increased subscriptions and reduced churn

• Viewer time spent on the platform

• Global media attention and viral engagement

• Merchandise and brand licensing potential

This type of return is virtually unheard of in streaming history.

Unlike most American-made content, Squid Game was a Korean-language series, yet it:

• Topped charts in over 90 countries

• Became Netflix’s first non-English show to achieve such global reach

• Sparked a boom in Korean pop culture around the world

• Led to a spike in demand for Korean content and fashion

“Squid Game didn’t just entertain, it changed how the world views global content,” said a senior entertainment analyst.

The series inspired a wave of viral trends and cultural moments:

• Squid Game costumes became the #1 Halloween choice in 2021.

• Dozens of mobile games and YouTube recreations exploded online.

• Memes and fan art flooded TikTok, Instagram, and Twitter.

• Netflix even sold out of official merchandise within days.

It created a rare 360-degree cultural influence, affecting fashion, gaming, and digital spaces.

Netflix spent $21.4 million on production. In comparison:

• The series The Crown costs $130 million per season.

• Stranger Things Season 4 cost about $270 million.

Yet Squid Game, with a fraction of that budget, delivered one of the biggest hits in Netflix history. It proved:

• You don’t need big budgets to make big impacts.

• Unique storytelling beats CGI-heavy productions.

• Local stories can succeed globally.

Netflix spent $21.4 million on production. In comparison:

• The series The Crown costs $130 million per season.

• Stranger Things Season 4 cost about $270 million.

Yet Squid Game, with a fraction of that budget, delivered one of the biggest hits in Netflix history. It proved:

• You don’t need big budgets to make big impacts.

• Unique storytelling beats CGI-heavy productions.

• Local stories can succeed globally.

Squid Game isn’t just a show — it’s a case study in how powerful storytelling, combined with smart business metrics, can transform an entire platform’s trajectory. Netflix didn’t just gain views — it gained cultural capital and a global spotlight.

As streaming wars intensify, this series stands as a reminder that content is king, and the crown can come from anywhere in the world — even from a playground filled with deadly games.