The criticisms have put a dent in the reputation of the globally acclaimed series that played a key role in the rise of Korean content’s global popularity and was followed by crashing share prices.
Shares of Artist Studio and Artist United, both companies where Lee sits as a large shareholder, tumbled 29.84 percent and 29.96 percent to close at 15,750 won ($10.66) and 13,000 won, respectively, on the Kosdaq.
Artist Studio is a production company formerly known as Raemong Raein that released the hit TV series “Reborn Rich” (2022) starring Song Joong-ki. Lee holds a 5.04 percent stake in the company.
Artist Studio was acquired by Artist United, a digital marketing company, where Lee sits as the largest shareholder with a 37.04 percent stake.
Last month, Artist United announced through an electronic disclosure that Artist Company, the actor management agency co-founded by Lee and actor Jung Woo-sung, would merge into Artist United.
The merger will be completed on Jan. 17.
Artist United explained the move as a transformation into “a global comprehensive entertainment company encompassing management, production and commerce.”
It is a stark contrast to Dec. 10 when the shares for Artist United jumped to their highest in 52 weeks with a 29.95 percent surge, after season two of “Squid Game” was nominated for Best Television Series at the 82nd Golden Globe Awards.
Artist Studio shares also followed suit, skyrocketing 29.95 percent at the time.
Shares of Wysiwyg Studios and Dexter, studios that handled the visual effects of the series, collapsed 25.31 percent and 24.08 percent, respectively.
Shares of film distribution company Showbox, an investor in the series’ production company Siren Pictures, sunk 19.16 percent.
Season two of “Squid Game” premiered worldwide on the streaming platform at 5 p.m. Thursday, continuing the story of Gi-hun, the sole survivor and winner of the previous games, as he embarks on a mission to uncover the culprits behind the deadly competition to bring an end to the games.
The series received a series of negative reviews from foreign media on Friday. The New York Times said the series has “hit a red light” — a metaphor regarding one of the games played in season one — adding that the narrative fails to deliver variations from its first outing. USA Today commented that the latest season was “still violent, but more disappointing than shocking.”
British outlet The Guardian said that the plot “spends far too many episodes dragging its heels extremely painfully. Series three must do better.”
“Squid Game,” directed by Hwang Dong-hyuk, earned global recognition during the Covid-19 pandemic after its release in September 2021. Season one was the most-viewed TV show of all time on Netflix, having been watched by 111 million accounts within its first 28 days.
The cast of the series enjoyed massive growth spurts in their global fanbases, and received multiple award wins across the Emmy Awards, Golden Globe Awards and Screen Actors Guild Awards in 2022 after the series’ release.
BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]
