Squid Game has made it through prestigious Emmys with various awards, but Netflix may be facing its biggest crisis to date.
On September 12 (local time), the 74th Primetime Emmy Awards was held, which is the most prestigious awards ceremony in the American broadcasting industry. Here, the original Netflix series “Squid Game” won in various categories, proving it has been a global syndrome since its launch last September. As producers and cast members “Playing squids”Celebrated and enjoyed their success, but Netflix couldn’t smile. Reason? In the overall win report, you can see that Netflix, which used to rule all OTT platforms, outperformed the latecomers, and the Emmy Awards 2022 could be the place where their crisis will be confirmed.
Once a champion among OTT platforms, Netflix has lost its throne
Netflix received a total of 26 awards at the Emmy Creative Arts and Primetime Emmy Awards, held in Los Angeles, USA on September 3 and 12 (local time), respectively. Of these, only 3 are trophies at the Emma Primetime Main Event. Fortunately, Squid Game managed to save Netflix’s face with 2 wins in the main categories for Best Director and Best Actor.
This Netflix performance was far behind HBO, which won a total of 38 awards, 12 of which were on the Emmy Primetime. It’s far from last year when Netflix – then hailed as the world’s best OTT platform, won 44 categories, completely overwhelming HBO, which only won 19.
In addition, Netflix saw a decline not only in the amount of awards but also in quality. In 2021, the platform won the title of Best Picture – which is the highest distinction, thanks to “Crown” (drama category) and “Queen’s Gambit” (miniseries category), to lose to HBO this year.
In 2022, HBO was announced the winner of the best film for “Succession” in the drama category and “White Lotus” in the mini-series category. Meanwhile, another latecom, Apple TV +, won Best Picture in the Comedy Series with Ted Lasso. In addition, at the American Academy Awards (better known as the Oscars) in March, Apple TV + became the first OTT platform to be awarded Best Picture thanks to the original movie “CODA”, beating Netflix, which consistently produced Oscar Nominations.
Netflix has chosen the safe path: will there ever be another “Squid Game”?
Netflix recently celebrated its 25th anniversary on August 29. At the moment, Netflix remains the world’s leading OTT platform with 220 million subscribers. However, the number of Netflix subscribers fell for the first time in 11 years in the first quarter of 2022, and 970,000 people unsubscribed in the second quarter. As such, Netflix is focusing on ways to increase profits, such as implementing a 15% increase in the surprise rate from the end of 2021 and releasing a low-cost plan with ads before and in the middle of its content from Q4 in 2022.
However, the results of this year’s Emmy Awards clearly show that the Netflix crisis is not solely due to external factors such as the rise in latecomers and the stagnation of the OTT industry. Critics point out that Netflix, which attracted subscribers by releasing experimental series such as Squid Game, Breaking Bad and Money Heist, did not gain quality as the main focus was on quantitative expansion. Analysts say Netflix has lost the originality of its content.
In fact, this year Netflix has released various original K dramas and movies such as “The Sound of Magic”, “Marriage and Desires Again”, “Love and Leashes”, “Yaksha” and “Carter” from the success of “The Squid Game”, but most some of them didn’t become hits, with the exception of “All Of Us Are Dead” and “Juvenile Justice”.
In particular, Money Heist: Korea – Joint Economic Area, which came out in June, met with high expectations from viewers worldwide as it was remade from the Spanish original, one of Netflix’s biggest shows. However, fans of the original turned their backs on Money Heist Korea due to the lack of production and controversial acting. “A Model Family” and “Seoul Vibe” also resembled the Hollywood blockbusters “Ozark” and “Baby Driver”, but received cool reviews and were considered disappointing.
Jung Deok Hyun, a pop culture critic, analyzed: “Netflix has mastered the know-how and continues to invest aggressively in the Korean market, but they tend to make safe choices in recent content planning. ”
He continued “Instead of making an experimental and challenging attempt, Netflix seems unable to deliver exceptional content originality. Instead, they keep remaking successful content, extending the season and following popular genre formulas. Content that resembles existing songs cannot attract subscribers with a wider OTT choice. “