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Investing.com – Netflix stock (NASDAQ:NFLX) traded 0.4% weaker in Friday’s premarket after the success of ‘Squid Game’ powered it to an all-time high of $619 in the previous session.
Co-Chief Executive Ted Sarandos revealed earlier this week that the Korean TV show is on track to become the most-watched original series of all time on the streaming platform. The show currently tops the rankings worldwide on Netflix.
The first season, launched two weeks ago, features 456 people who are deep in debt. They are lured into a life-threatening game which gives them a chance to win 45.6 billion Korean won ($39 million) if they win a series of six games. They die if they lose.
Squid Game’s success comes at a time when competition is intensifying. The likes of Disney (NYSE:DIS), Discovery (NASDAQ:DISCA) and ViacomCBS (NASDAQ:VIAC) are ramping up their own offerings while striking new alliances for greater geographical reach.
Netflix had said in its latest quarterly update that it expected new shows to be able to address concerns of viewer fatigue after a year when user engagement has soared due to binge-watching by locked-down consumers.
