Introduction
In September 2021, Netflix released Squid Game, a South Korean survival drama that quickly became a global sensation. Within weeks, it became the most-watched show in Netflix’s history, amassing 142 million household views in just 28 days. But what made Squid Game so universally appealing?
This case study explores the factors behind Squid Game’s unprecedented success, from its gripping social commentary to its viral marketing and cultural impact.
1. A Relatable Critique of Capitalism and Inequality
At its core, Squid Game is a brutal allegory for modern capitalism. The show follows 456 debt-ridden individuals who compete in deadly children’s games for a $38 million prize—only to realize that life outside the game is just as merciless.
Key Themes Resonating Globally:
- Debt and Financial Desperation: The characters’ struggles mirror real-world issues—medical debt, unemployment, and predatory loans. In the U.S., for example, medical debt exceeds $140 billion, trapping millions in cycles of poverty.
- Wealth Inequality: The VIPs, who bet on the games, symbolize the ultra-rich exploiting the poor—a theme echoed in rising global wealth gaps (the top 1% own 43% of the world’s wealth).
- Worker Exploitation: Ali’s storyline—a migrant worker cheated out of wages—parallels labor abuses worldwide, including wage theft and undocumented worker exploitation.
The show’s dystopian setting felt eerily familiar, especially after the economic shocks of COVID-19, making it a mirror of societal anxieties.
2. Masterful Storytelling and Visual Aesthetics
Squid Game’s director, Hwang Dong-hyuk, spent over a decade refining the script, blending horror, drama, and dark humor into a visually striking narrative.
Why the Style Worked:
- Childhood Games Turned Deadly: The juxtaposition of innocent games (like "Red Light, Green Light") with extreme violence created unforgettable tension.
- Surreal Art Direction: The vibrant, candy-colored sets contrasted with grim violence, evoking a nightmarish fairy-tale aesthetic.
- Character Depth: Protagonist Seong Gi-hun’s arc—from a gambling addict to a morally conflicted survivor—made the violence emotionally impactful.
3. The Power of Viral Marketing and Social Media
Netflix barely marketed Squid Game initially—yet it became a word-of-mouth phenomenon.
How It Spread:
Netflix barely marketed Squid Game initially—yet it became a word-of-mouth phenomenon.
Real-Life Adaptations: Pop-up events (like a Squid Game-themed ferry in Sydney) and Halloween costumes (Vans slip-on sales spiked 7,800%) turned the show into a cultural event.
TikTok and Memes: Clips of the dalgona candy challenge and the robotic doll went viral, with #SquidGame amassing 22.8 billion views on TikTok.
Influencer Engagement: YouTubers and streamers recreated the games, fueling FOMO (fear of missing out).
4. Breaking Language Barriers and the "Korean Wave"
Squid Game proved that subtitles aren’t a barrier—95% of its viewers were outside Korea.
The Hallyu Effect:
- Netflix’s dubbing and subtitles in 37 languages made it accessible globally.
- It followed the success of other Korean hits like Parasite and K-pop (BTS, Blackpink), cementing South Korea’s cultural dominance.
- Duolingo reported a 76% spike in Korean language learners in the UK after the show’s release.
5. Netflix’s Strategic Bet on Global Content
Netflix invested 21.4million in Squid Game a fraction of its typical budget but it generated 900 million in value.
Key Takeaways for Streaming Platforms:
- Local Stories, Global Appeal: Authentic regional narratives can resonate worldwide.
- Low Marketing, High Engagement: Organic social media buzz can outperform traditional ads.
- Diverse Content Pays Off: Non-English shows now drive 71% of Netflix’s growth in the U.S.
Conclusion: Why Squid Game Changed Entertainment
Squid Game succeeded because it merged gripping storytelling with societal critique, leveraged virality, and proved that global audiences crave diverse voices. Its impact extends beyond TV—sparking debates on inequality, inspiring protests (like Korean workers wearing guard uniforms in labor strikes) 4, and reshaping how studios approach international content.
As Netflix greenlights Season 2, the lessons from Squid Game’s rise remain clear: Great storytelling transcends borders—especially when it holds up a mirror to our world.