Netflix Inc. (NASDAQ:NFLX) is giving fans of its smash-hit series "Squid Game" something new — but instead of a spinoff or new storyline, it's a second season of the reality competition.
What Happened: After a record-breaking third and final season of "Squid Game," the main storyline of the hit show is done. Fans are hoping for spinoffs and a U.S. version of the show.
While fans await those details, Netflix did share updates on the reality competition based on the hit show.
"Squid Game: The Challenge" will air a second season on Nov. 4, 2025, adding to the library of content coming to Netflix in the second half of this year.
The new season will feature 456 contestants competing in challenges from the series and vying for a $4.56 million prize in the winner-takes-all competition.
"There was no red light in our decision to green light Season 2 of Squid Game: The Challenge, our most ambitious unscripted show we've premiered at Netflix," Netflix VP of Nonfiction Series Brandon Riegg said when the second season was announced around the time of the Season 1 finale.
Netflix also announced that casting is underway for a third season of "Squid Game: The Challenge." Contestants can apply from the United States or the United Kingdom and need to be 21 years of age with a valid passport. Potential contestants also need to submit a one-minute video explaining why they want to participate in the competition, their game plan, and how they would utilize the prize money.
Along with the new reality competitions, Netflix is expanding the Squid Game franchise with "Squid Game: The Experience,” an immersive experience in New York, London and Sydney.
Winners of the immersive real-life experience in New York and London will receive priority casting for season 3 of "The Challenge."
Netflix said over 81,000 people applied for the first season of the reality competition.
Read Also: This Is Netflix’s Next Big Bet After ‘Squid Game,’ ‘Stranger Things’
Why It's Important: The new reality competitions series expand the Squid Game franchise for Netflix and also adds to the streamer's push into reality TV.
The first season of the reality competition premiered with 20.1 million views and 85.7 million hours watched for the first five episodes back in November 2023. The series was a top 10 show in 93 countries.
Season 3 of "Squid Game" premiered with 60.1 million views in the first three days, with 368.4 million hours watched. The show was number one in 93 countries. The third season fell shy of the 68 million views season two had in its first week, but managed to break a record for a show's views in the first three days.
The third season also had 46.3 million views in its second week, which was the first full week of availability.
In two weeks, the third season already ranks third all-time for a non-English Netflix show with 106.3 million views, trailing only the first and second seasons of "Squid Game," which had 265.2 million and 192.6 million views in their first four weeks, respectively.
NFLX Price Action: Netflix stock trades at $1,249.58 Friday versus a 52-week trading range of $587.04 to $1,341.15. Netflix stock is up 40.9% year-to-date in 2025.
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