‘Squid Game’ shares plunge after mixed reviews for the second season of the Netflix series

Mixed reviews for the sequel to Netflix’s excellent series “Squid Game” buoyed shares of South Korean companies tied to the show on Friday.

Marketing firm Artist United, in which “Squid Game” star Lee Jung-jae is the largest shareholder, fell 30%, the daily limit on the Korean stock exchange KOSDAQ. Wysiwyg Studios, another Artist United investor, fell 25.3 percent.

Dexter Studios, a Korean production company and Netflix partner, saw its shares fall 24%.

The Korean thriller was a surprise hit in 2021, leading Netflix’s most-watched titles across all continents and becoming the first foreign-language series ever to be nominated for Best Drama at the Emmy Awards.

The second season was released by the streaming giant on Thursday.

Rotten Tomatoes critics gave the second season an 86% approval rating, but fans rated it at 62%.

The first season received 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,” said Bela Bajaria, Netflix’s chief content officer, during the US premiere of the second season this month. “The cultural impact was massive globally.”

The survival horror series follows a secret competition where 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 bigger ambitions but does little to pursue them,” New York Times chief television critic James Poniewozik wrote in his review.

It’s unclear whether the second season is a repeat of the first blockbuster story or an attempt to advance the story elsewhere, he said.

“It continues a story, but spends a little over its seven hours expanding it,” Poniewozik wrote.

The series’ third season is reportedly set for release in 2025.