Squid Game: The Challenge season 2 drops hard - roughly 80% fewer viewers in week one
If your group chats felt quiet about Squid Game: The Challenge this month, you're not imagining it. Season 2 opened a lot softer than season 1. Like, noticeably softer.
The new season logged about 3.2 million "views" in its first week, compared to 20.1 million for the debut season over the same period - a roughly 80% drop. That's according to the viewership tracker at What's on Netflix, which parses Netflix's own Top 10 data and "views" metric (hours watched divided by runtime).
Source: What's on Netflix | Netflix Top 10
What's different this time?
The format hasn't changed much. There are 456 contestants chasing $4.56 million - still one of the biggest single cash prizes in reality TV, even if it's far below the ₩45.6 billion (about $39.86 million) from the scripted drama.
You'll recognize the games: Red Light, Green Light. Dalgona. The eerie tension, the hush before a buzzer, the relief when you make it across a line. And, of course, nobody dies here - they're just disqualified and sent home.
Season 2 rolled out on November 4 in three weekly batches, with the finale landing November 13. It was positioned as a quick-hit event rather than a months-long TV moment.
So, why the slump?
Here's the honest read: the novelty might've worn off. Season 1 had that "can they really pull this off?" energy. Season 2 didn't have the same curiosity factor.
Timing could be part of it. Netflix's slate around early November was busy, and the batch-release schedule can mute conversation - not the weekly drumbeat of a long run, not the full-season binge all at once. It sits in the middle, and sometimes talk fades there.
There's also franchise fatigue. The prize is huge, but the shock of seeing those iconic games in real life is no longer new. And without a direct tie-in to fresh episodes of the scripted series, the halo effect just isn't as strong.
What this means if you cover TV and streaming
- Big IP helps, but it doesn't guarantee repeat event status. Second seasons of format spin-offs often face a steeper climb.
- Release strategy matters. Batching can compress hype and shorten the social window.
- Expect conversations at Netflix about whether to retool for a potential season 3 - bigger twists, more character storytelling, or a different rollout to spark weekly buzz.
Both seasons of Squid Game: The Challenge are streaming on Netflix. If you're tracking audience heat for your coverage calendar, keep an eye on how (or if) the show rebounds in weeks two and three - and whether Netflix pushes extra clips and cast moments to juice word of mouth. That'll tell us a lot about where this format goes next.
