‘Squid Game’ saga ends, leaves behind global legacy and new challenge for K-content

People dressed as pink guards pose with a 12-meter-tall statue of Young-hee from the Netflix series "Squid Game" during a promotional event in Bangkok, Thailand, Monday. Reuters-Yonhap

The record-breaking Netflix series “Squid Game” has officially wrapped its journey with the release of Season 3, closing a chapter that reshaped the global perception of Korean content and elevated its creators and cast to international stardom.

While a spinoff remains a possibility, the main narrative concluded on June 27 with release of the show's third and final season.

Since its debut, “Squid Game” has shattered numerous records. Combined, Seasons 1 and 2 garnered a cumulative 600 million views (calculated by dividing total viewing hours by the runtime).

Season 1 became Netflix’s most-watched series of all time, and Season 2 followed with strong momentum, topping the non-English series chart three days after release and finishing at No. 3 in Netflix’s all-time global rankings.

As of Wednesday, Season 3 recorded 60.1 million views, climbing to No. 1 on Netflix’s global Top 10. From June 27 to 29 alone, viewers logged 368.4 million hours watching the new season.

It topped viewing rankings in all 93 countries where Netflix’s Top 10 is tracked, including the United States, Japan, France and Brazil, a feat unmatched by any previous Korean series. Earlier seasons also had resurgences in popularity, boosted by the final installment.

But “Squid Game” wasn’t merely a commercial hit. It was a cultural landmark that fused death game suspense with scathing critiques of social hierarchy, a dystopian survival narrative that, like “Parasite,” captured a global audience with its sharp, resonant message.

The show’s pink guards, green tracksuits and traditional Korean games quickly became viral symbols, sparking global curiosity about Korean culture.

Cast members Lee Jung-jae, Jung Ho-yeon, Park Hae-soo and Wi Ha-jun rose to international prominence. Jung won a Screen Actors Guild Award, a rare achievement for a non-English actor, while director Hwang Dong-hyuk made history with an Emmy win for best directing.

People dressed as characters from "Squid Game" perform during a promotional event at Liberty Square in front of Chiang Kai-shek Memorial Hall in Taipei, Sunday. Reuters-Yonhap

A mixed reception, but a lasting impact

While Season 3 marked a narrative closure for protagonist Seong Gi-hun (Lee Jung-jae) and others, critics noted a diminishing cultural impact compared to Season 1 due to the repetitive survival game structure and compressed character arcs.

Still, the show's thematic depth and visual flair remained intact, offering emotional payoffs and solidifying its legacy.

More than anything, “Squid Game” catalyzed a global reappraisal of K-content. Often considered niche or romance-focused, Korean series and films began gaining renewed recognition for their philosophical depth and bold storytelling.

Following the back-to-back successes of “Parasite,” “Minari” and “Squid Game,” global streaming platforms significantly ramped up investments in Korean productions, increasing budgets and strengthening infrastructure for creators.

Participants perform during the 'Squid Game" Season 3 finale fan event in Seoul, South Korea, June 28. AP-Yonhap

The road ahead for Korean content

Now, Korean creators face a new challenge: crafting the next phenomenon that can rival “Squid Game.” Mere imitation or shock value alone won’t suffice.

To build on its momentum, future content must reflect contemporary issues while offering universally relatable stories with distinct cultural authenticity.

While shows like “Physical: 100,” “Lovely Runner” and “Culinary Class Wars” have made waves, none have yet matched the global scale or cultural impact of “Squid Game.”

Similar dystopian or survival-based series followed as well, but few found breakout success, suggesting that narrative originality and execution still matter most.

Ultimately, the key lies in expanding Korea’s unique storytelling universe, not copying past successes but building new ones. As “Squid Game” exits the stage, all eyes are on what Korea’s entertainment industry will do next — and whether the K-content boom can truly evolve from a moment into a movement.

Director Hwang Dong-hyuk speaks during a fan event for "Squid Game Season 3" at Seoul Plaza in Seoul on June 28. AFP-Yonhap

This article from the Hankook Ilbo, the sister publication of The Korea Times, is translated by a generative AI and edited by The Korea Times.