February 4, 2025
In the entertainment industry, overnight successes often have years of struggle behind them.
No story exemplifies this better than Squid Game, a series that transformed from a repeatedly rejected concept into a global phenomenon.
This is the story of how creator Hwang Dong-Hyuk turned a $21.4 million investment into a billion-dollar franchise through sheer persistence and unwavering vision.
Here’s how it went:
Years of Rejection
Growing up in a working-class family in Seoul, Hwang Dong-Hyuk witnessed firsthand the stark inequality in South Korean society.
He saw his neighbors and friends struggling with debt, desperately searching for ways to escape their financial burdens.
These experiences would later become the foundation for Squid Game.
From 2009 to 2019, Hwang pitched his concept to almost every Korean studio, facing constant rejection.
Studios claimed the show was,
“too difficult to understand, too bizarre, too violent.”
Yet despite the endless stream of rejections, Hwang remained determined.
Netflix Opportunity
In 2018, Netflix co-CEO Ted Sarandos expressed his desire to discover international hits.
He said,
“The exciting thing for me would be if the next Stranger Things came from outside America. Right now, historically, nothing of that scale has ever come from anywhere but Hollywood.”
This created the perfect opportunity for Hwang.
Netflix agreed to fund the project with a modest budget of $21.4 million – a relatively small amount for a Netflix production.
Challenging Production
Production began in 2020, perhaps the most challenging year to film due to the global pandemic.
The stress of production took a significant toll on Hwang, who lost six teeth during filming.
Unprecedented Success
On September 17, 2021, Squid Game was released to the world.
The show’s popularity exploded almost immediately.
Within four weeks, it had reached #1 in 94 countries.
The numbers tell an extraordinary story of success:
- Season 1 generated over $900 million in revenue.
- The show achieved venture-scale returns with a 42x return on investment.
- Viewers streamed Season 1 for over 2.2 billion hours.
- Season 2 is projected to generate over $1 billion in revenue.
Power of Persistence
Hwang’s journey from rejection to global success demonstrates the power of persistence.
Despite a decade of setbacks, he never abandoned his vision.
His story transformed from a repeatedly rejected concept into Netflix’s most-watched show in history.
This proves that sometimes the most revolutionary ideas just need the right opportunity to shine.
Conclusion
Squid Game’s success represents more than just entertainment industry metrics.
It demonstrates how authentic storytelling, rooted in real social issues, can resonate globally.
Hwang’s decade-long journey reminds us that breakthrough success often requires unwavering dedication, even when faced with countless rejections.
As Season 2 approaches with its billion-dollar projections, Squid Game stands as a testament to the power of believing in your vision, no matter how bizarre others might find it.
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