Netflix shares surge on ‘Squid Game’ hype
- Netflix shares surged to a record high US$640/share, since ‘Squid Game’ was released on September 17.
- ‘Squid Game’ has soared to the top of Netflix & consumer ratings globally in just two-weeks.
- Netflix is facing a lawsuit from SK Broadband over internet usage skyrocketing in South Korea.
Netflix shares hit an all time high on Wednesday 7th October of US$640/share, just under 21-days from the release of hit series ‘Squid Game’ – a hunger games-like thriller series that’s been named the most popular series ever made.
The South Korean-made show has become Netflix’s most popular show in history and has a rating of 96% audience rating on movie review website Rotten Tomatoes.
If you’d bought $1,000 of Netflix shares at the beginning of 2021, they would now be worth $1,168.
But with popularity comes challenges, and Netflix is now facing a lawsuit from Korean interet company SK Broadband over the surge in streaming.
Legal proceedings will begin in late December and could see Netflix paying up to US$22.9 million in compensation.
But the streaming giant had the last laugh, issuing a statement to remind the public that it created 16,000 jobs in South Korea from investing US$648m into the South Korean economy through its efforts to create original content in the country.
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