Squid Game became a gamechanger and set new records in terms of ratings from different websites and organizations.
Since the Korean series arrived on Netflix, everyone predicted that it would set records no flick ever reached yet – and it did. It currently holds a 4.6 audience rating on Google, 93 percent approval on Rotten Tomatoes, and 8.1/10 on IMDb.
With that, all of the world's streaming platforms – including Disney+ and AppleTV+ -- are now dying to secure Korean-made content they could offer their subscribers. However, although it highlights how in-demand Korean music and series have become, it caused questions about the IP of Squid Game and other Korean films and series in the future.
ALSO READ: Jeon Jong-Seo Hypes Fans With 1st Rom-Com Show
Should Korean Industry Allow Other Countries To Monopolize Squid Game, Other Series?
Amid the misunderstandings on the rights of creative works, culture critic Gong Hee-Jeong told The Korea Times that Korean producers need Netflix's assistance right now.
"It's true that Korean producers currently need Netflix. Korean producers have to make more efforts to ask for their rights for their creative works, and the rising popularity of Korean production studios and actors will help," he said.
Squid Game, indeed, sought for a production company that could help him release the series but had been repeatedly turned down. After several rejections by investors for more than a decade, the Korean series found its home in the streaming giant.
YOU MAY ALSO LIKE: Song Joong-Ki Nabs Presidential Citation Award For His Admirable Charitable Efforts
Apart from it, Netflix originals, including Kingdom, Extracurricular, and D.P, also face the same scene.
Although Netflix and other streaming platforms gave these works the chances they deserve, they also limit the intellectual property rights the Korean creators should always have. This always occurs as companies like Netflix and Disney ask the entire IP of the shows they want to invest in.
Squid Game's Lack Of IP For Director Hwang Dong-Hyuk Explained In Numbers
To better understand the IP problems, insiders revealed to The Korea Times that Netflix has the entire financial aspect for a project. The producers of Squid Game and other series on the site have a 10-30 percent profit margin. It reportedly covers Netflix's expenses on distributing rights and other copyrightable works.
To be exact, it is worth noting that Netflix spent $21 million on Squid Game's production but earned $900 million after the series aired. The company also saw an increase in subscribers and stock prices.
Director Hwang, for his part, has no additional compensation and incentives despite the global success of his movie.
Experts started asking Korean productions not to rely on streaming giants in terms of financial stability. If they follow that rule, the Korean producers will gain what they deserve to accumulate in the beginning. Hopefully, the increase in demand for Korean content will soon resolve the IP issues.
ALSO READ: BTS Scores Platinum Certifications In Japan With 2 Hit Songs