Mixed reviews for the sequel to Netflix’s smash series “Squid Game” tanked shares of the South Korean companies tied to the show Friday.
Marketing firm Artist United, in which “Squid Game” star Lee Jung-jae is the largest shareholder, plunged 30%, the daily limit on the Korean exchange KOSDAQ. Wysiwyg Studios, another Artist United investor, plummeted 25.3%.
Dexter Studios, a Korean production company and Netflix partner, saw its shares drop 24%.
The Korean thriller was a surprise hit in 2021, leading Netflix’s most-watched titles list on every continent and becoming the first foreign-language series ever nominated for best drama at the Emmy Awards.
The second season was released by the streaming giant Thursday.
Rotten Tomatoes critics gave the second season an 86% approval rating, but fans rated it 62%.
The first season earned 95% approval from critics and 84% from viewers.
“Squid Game broke records and became our most popular show ever, proving that great stories can come from anywhere,” Bela Bajaria, Netflix’s chief content officer, said during the US premiere of the second season this month. “The cultural impact was massive globally.”
The survival horror series follows a secret contest in which penniless contestants compete in a series of deadly children’s games to win a multi-million dollar prize.
“This season of Squid Game hints at larger-scale ambitions but does little to pursue them,” New York Times chief TV critic James Poniewozik wrote in his review.
It is unclear whether the second season is a repeat of the first blockbuster storyline, or attempting to advance the storyline elsewhere, he said.
“It continues a story but does little over its seven hours to expand it,” Poniewozik wrote.
The show’s third season is reportedly set for release in 2025.