Search for Next ‘Squid Game’ Drives 30% Jump in Studio Santa
(Bloomberg) -- A tiny production company named for Father Christmas is the latest beneficiary of a rally in Korean entertainment stocks, as investors scour Netflix Inc. hits for trading ideas following the success of “Squid Game”.
Seoul-based Studio Santa Claus Entertainment Co. surged by its 30% daily limit after its “My Name” series ranked No. 4 among Netflix TV shows as of Sunday, just two days after its release, according to streaming ratings firm FlixPatrol. Squid Game, Netflix’s biggest series launch ever, remains the top-ranked show globally.
Netflix estimates that “Squid Game,” a Korean survival-game drama, will create almost $900 million in value, showing how much one megahit can generate. The series has helped propel the U.S. streaming giant’s shares to a record high as well as sparking rallies in a number of Korean entertainment names.
“My Name” is an eight-episode crime thriller following a woman seeking to avenge her father’s murder. The show’s popularity helped drive Studio Santa Claus to a market value of about $135 million, with trading volume on Monday more than 26 times the three-month daily average.
Among other stocks riding the recent boom in Korean film and TV stocks, Astory Co., the firm behind the Netflix period zombie thriller series “Kingdom,” climbed 12% Monday. Dexter Studios Co. and Jcontentree Corp. each jumped more than 6%. Studio Dragon Corp., whose “Hometown Cha-Cha-Cha” series is currently ranked No. 7 on Netflix, rose about 4%.
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