MW The second-season curse: Why 'Squid Game' round two may not be a hit for Netflix

By Charles Passy

The dystopian drama garnered an audience of 330 million in its first season, but experts warn that it's not so easy to hit the ratings mark twice

"Squid Game" is back for a second season of dystopian fun and games. But the hit Korean-language Netflix $(NFLX)$ series is already facing criticism for failing to live up to the promise of its powerful original run.

Media experts say it shouldn't come as any surprise: Call it the curse of round two.

Expectations have been high for the series, which depicts a contest in which players face off in a deadly struggle involving several rounds of childhood-inspired games. Those players who make it past each round have a shot at winning a fortune. Those who don't, well, they don't live to see another day. It's a tale of capitalism run truly amok.

Critics have faulted the second season for being plodding, if not completely pointless - at least from an artistic perspective. "$(W)$hat began as a stark satire of greed, exploitation, and economic polarization has largely devolved into a cash-cow franchise like any other," a Time reviewer said.

The headline to a New York Times critique offered an even blunter assessment: "'Squid Game' hits a red light." (That's a wink-wink reference to the red light-green light game integral to the show.)

The first season of "Squid Game," which debuted in 2021, attracted an audience of 330 million over time, according to Variety, making it one of the most popular series in the streaming platform's history.

Netflix has certainly done its share to promote the second season: It not only gave it a prime holiday spot on the calendar - it debuted the day after Christmas - but it also has created a free mobile game based on the show and hosted "Squid Game" experiential events in select cities.

Still, that's no guarantee that fans will watch the second season. And in the end, the series needs to deliver the goods.

Experts say the reason shows often don't live up to expectations in round two has a lot to do with the modern-day playbook for creating shows. In a previous era - think pre-streaming - a series ran for 20-plus weeks per season and was often given multiple seasons to hit its stride. Anyone who's watched the first season of "Seinfeld," for example, can surely attest that it's not the comedic gem the series eventually became, especially by its fourth season.

But these days, a season-long run, especially on streaming platforms, typically consists of far fewer episodes and a series has to come out of the gate essentially as a sure-fire winner with its premise and characters all fully realized. That makes a second act all the more challenging because the shows run "out of story to tell," as the television critic Emily St. James once observed.

That's a point echoed somewhat by Kaveh Vahdat, founder and CEO of RiseOpp, a marketing agency. "High expectations can draw viewers in but also amplify disappointment if the follow-up feels even slightly derivative," he said of the season-two curse.

Of course, audiences may be willing to look past such a problem just to have a chance to relive some of the buzz of the first season. But that's provided they can remember much about the show and its characters in the first place.

It's an issue in an era when there's often a big gap between seasons - in the case of "Squid Game," a three-year gap.

"When it's been so long, there's a challenge to remember who all these people are," said Robert J. Thompson, director of Syracuse University's Bleier Center for Television and Popular Culture.

Adding to that challenge, Thompson said: By the time a second season airs, viewers may have moved on to other shows. In an era of so much must-see television, there are always plenty of options.

'When it's been so long, there's a challenge to remember who all these people are.' Robert J. Thompson, director of Syracuse University's Bleier Center for Television and Popular Culture

Not that this is likely stopping plenty of people from watching "Squid Game" since you can't exactly discount those 330 million viewers the show garnered in its initial run. Count Michelle Mackel, an entertainment publicist, among those who plan to catch season two.

While Mackel acknowledged that it's difficult "to recreate the same magic for viewers," she said she's been anticipating the new season - and she suspects many others feel the same way. The first one just "left viewers wanting more," she said.

Plus, Rick Ellis, founder and managing editor at AllYourScreens.com, a website devoted to television programming, said there are noteworthy instances of streaming shows that have successful second seasons and grow their fan base. He cited "Stranger Things" and "Cobra Kai" as two examples.

In response to a MarketWatch query, Netflix officials didn't address questions about the negative critical response to the new season of "Squid Game." But in its press materials, the platform points to the fact the second season features "an impeccable list of new cast members."

Not that Netflix may be too dependent on the success of "Squid Game" for its financial health. For starters, the company's stock has been trading near historical highs - and even as some analysts question if it can maintain its momentum into 2025, others remain bullish on its prospects.

See also: Netflix livestreamed a Beyoncé concert, and a football game broke out

Part of what could be fueling future growth is Netflix's foray into live sports, as exemplified by the recent Mike Tyson-Jake Paul fight, which attracted 108 million viewers (even in spite of the platform's technical difficulties during the bout) and the NFL Christmas Day broadcast, which came replete with a memorable halftime show by Beyoncé.

As Thompson, the Syracuse University pop-culture expert, explained, a hit show such as "Squid Game" is "a drop in the bucket," compared to the long-term promise of sports programming. After all, football games remain some of the most-watched events on the TV calendar year after year.

"The biggest fish you can reel in is live sports," Thompson said.

-Charles Passy

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December 27, 2024 13:58 ET (18:58 GMT)

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