(Bloomberg) — An imperfect debut for the new season of Netflix Inc.’s blockbuster series Squid Game sent shares of related South Korean companies falling sharply on Friday.

Most read by Bloomberg

Artist United Inc., a film distribution and marketing company whose largest shareholder is Squid Game star Lee Jung-jae, was weakened by the 30% daily limit. Wysiwyg Studios Co., another investor in Artist United, fell as much as 25%, while Dexter Studios Co., a Korean partner of Netflix, fell 24%.

The Korean survival thriller was a huge global hit when it premiered in 2021, sparking rallies in local entertainment stocks as it benefited from Netflix’s hunt for more hits. The first season topped the US streaming giant’s most-watched titles across all continents and became the first foreign language show ever to be nominated for Best Drama at the Emmy Awards.

Expectations were high for the second season of the dystopian drama, which hit theaters on December 26th. While some notable reviews have been less positive, the series has so far received approval from 85% of critics and 65% of viewers on Rotten Tomatoes.

“This season of Squid Game hints at larger ambitions but does little to pursue them,” The New York Times said in its review, adding that the narrative “falters.”

The third and final season of Squid Game is scheduled to release in 2025.

– With support from Edwin Chan.

Most read by Bloomberg Businessweek

©2024 Bloomberg LP