Emmys For Netflix’s Squid Game Boost ‘K-Drama’ Stocks In Seoul
Shares of Korean companies related to TV production rose after the Netflix Inc. megahit “Squid Game” won top honors at the Emmys.
(Bloomberg) -- Shares of Korean companies related to television production rose Tuesday after the Netflix Inc. megahit “Squid Game” won top honors at the television industry’s Emmy Awards.
Creator Hwang Dong-hyuk won for outstanding directing and Lee Jung-jae, who played the main character in the Korean series, won the Emmy for best actor in a drama series. Shares of Bucket Studio Co., which holds a stake in the agency representing Lee, closed 2.2% higher after surging as much as 12% earlier in the day.
The surprise success of “Squid Game” last autumn sparked big gains for a wide range of Korean entertainment stocks as investors looked for the next big hit to emerge from the country. Bucket Studio’s stock nearly tripled last year but has tumbled 53% so far in 2022.
Among other “K-drama” stock moves Tuesday, Samhwa Networks Co. gained 5.8%. The company is working on a remake of the crime drama “The Mentalist.” ContentreeJoongAng Corp., producer of Netflix series “D.P.” and “Hellbound,” climbed 5.6%. The Kospi, South Korea’s equity benchmark, surged 2.7% as the market reopened after a four-day weekend.
Netflix in June confirmed that Squid Game would be coming back for a second season. The US streaming giant is counting on growth in Asia to help reverse its fortunes after losing more than a million customers in the first half of this year.
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