Bithumb Korea reportedly made huge profits from “Squid Game”
Bithumb Korea is said to have garnered huge revenues from Netflix’s hit drama series “Squid Game”. The country’s main blockchain platform is said to have gained more than 100% thanks to its investment in Bucket Studio, a local media company.
Bucket Studio Co. owns a stake in Artist Company, the agency of “Squid Game” lead actor Lee Jung Jae. While the studio company has no direct connection to the hit Netflix series, it also earns thanks to its 15% stake in Artist Company.
Now, since Bithumb Korea invested in Bucket Studio, it is also naturally making profits. According to Korea’s time, the crypto exchange company spent around 15 billion yen or $ 12.6 million investing in Bucket’s mezzanine finance in May. With this investment, Bithumb became the second shareholder of the said media company.
Bucket Studio’s share price rose to 4,540 yen at the end of last week. That would be an increase of about 2.5 times in a month, as the share price stood at 2,130 at the close on August 31. The hike, in turn, increased the studio’s monetary value, so shares held by Bithumb Korea more than doubled in the past four months to have reached 37 billion yen.
Either way, “Squid Game” is now the no. 1 series on Netflix US, and this achievement made it the first Korean drama to achieve that rank. According to Korea Joongang Daily, based on the investigation by FlixPatrol, a streaming analytics company, the survival drama has already overtaken the British teen comedy series “Sex Education” which has historically topped the US Netflix rankings.
Besides the United States, âSquid Gameâ is also popular in 14 other overseas regions such as Singapore, United Arab Emirates, Hong Kong, Vietnam, Kuwait and Taiwan. Despite harsh criticism from critics, the series still scored 8.3 out of 10 on IMDb.
Meanwhile, âSquid Gameâ also stars Oh Young Soo, Jung Jo Yeon, Park Hae Soo, Wi Ha Joon Kim Joo Ryoung, Heo Sung Tae and Anupam Tripathi. It was directed by Hwang Dong Hyuk, who also achieved other hits including “Miss Granny” and “The Fortress”.