Korean companies' stocks plummet after "Squid Game" release — why
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The second season of Netflix's The Squid Game didn't exactly have a perfect debut. The novelty caused a sharp drop in shares of South Korean companies on Friday, December 27.
This was reported by Bloomberg.
Which companies' shares have fallen
Artist United Inc. lost its daily limit of 30%. It is a movie marketing firm and distributor in which Squid Game lead actor Lee Jong-jae is the largest shareholder. Another investor in Artist Untited, Wysiwyg Studios Co. fell by 25%, and Dexter Studios Co., Netflix's Korean partner, fell by 24%.
The Korean survival thriller was a huge global success when it premiered in 2021, sparking rallies on local entertainment stock exchanges due to expectations of Netflix's profits from new hits. The first season became the first foreign-language series to be nominated for an Emmy Award for Best Drama. It also topped the list of the most popular American streaming TV series on all continents.
The second season of the dystopian drama, which was highly anticipated, was released on December 26. Despite the fact that some notable reviews were not very positive, the series received the approval of 85% of critics and 65% of viewers on Rotten Tomatoes.
As a reminder, cocoa may become the commodity with the highest growth in 2024. The rise in the price of the chocolate ingredient outpaced bitcoin and the US stock market.
We also wrote that throughout the year, investors observed a decline in demand for luxury goods in China. However, after numerous economic incentives introduced by the country, European stocks have achieved their best results since February 2024.
