Shares in the studio behind Netflix’s mega-hit Squid Game were up nearly 30 per cent today after the streaming giant revealed the show would come back for a second season.
South Korea’s Bucket Studio’s stock flew against the backdrop of a wider Asian sell-off.
The studio holds a stake in the agency representing the show’s lead actor, according to reports by the FT, and the news comes as Netflix tries to claw back popularity.
Netflix said that more than 66 per cent of viewers, the equivalent of some 87m people, finished the series in the first 23 days of it being online.
The US firm has had a rocky few months, after warning against tumbling subscriber numbers and slowing momentum.
The share has fallen nearly 70 per cent in the year to date, as the cost of living crunch sets in for many households.
Analysts at investment bank Raymond James contrasted this to the music streaming sector, stating that the likes of Spotify and Apple Music were in a much better position than Netflix: urging investors not to dump streaming shares too quickly.
“So what we see in the competitive environment for streaming music is a lot more stable environment than you see, for instance, in streaming video, where content owners are increasingly taking ownership of their content, walling it off, going directly to consumers”, Andrew Marok said in an interview.