From Phenomenon to Freefall: Netflix’s Squid Game Reality Show Season 2 Plunges 80% in Viewership

Netflix brought back Squid Game: The Challenge for a second round, and the audience did not exactly return the favor. The season opened soft, and by soft I mean an 80% face-plant compared to the first season. Let me break down what changed, what did not, and why this drop might have happened.

The numbers that matter

• Per What's on Netflix, season 2 pulled 3.2 million views in its first week.
• Season 1 did 20.1 million views in the same early window.
• That's roughly an 80% decline out of the gate.
• Season 2 rolled out on November 4 with episodes in three weekly batches, wrapping with the finale today, November 13.
• Both seasons are streaming now on Netflix.

What the show is (and isn't)

The Challenge keeps the headline number from the scripted series: 456 contestants. They're chasing a $4.56 million prize, which is smaller than the drama's 45.6 billion won (about $39.86 million), but still billed as the second-largest single cash prize ever handed out on a reality show. The games are familiar — Red Light, Green Light, Dalgona — but the stakes are obviously not life-or-death. Lose a challenge here and you're just eliminated, not... eliminated.

So why the drop?

Season 1 of The Challenge arrived back in November 2023, slotted between Squid Game season 1 and the eventually-coming season 2 of the scripted series. This latest batch launched November 4 and concluded November 13. One odd note: a write-up making the rounds frames this finale as landing just over four months after the release of a third and final season of Squid Game. That doesn't line up with reality — it's either a mix-up or someone got ahead of themselves.

As for the 80% week-one slide, there are a couple obvious possibilities: the novelty of a real-life Squid Game may have worn off, or broader franchise interest could be cooling until the main show returns in a bigger way. It's probably a bit of both. Either way, the audience rush that greeted season 1 didn't show up this time.

If you're queuing up something new, both seasons of Squid Game: The Challenge are sitting on Netflix right now. And if you want to widen the search, check our guides to the best shows on Netflix and everything new on Netflix in November 2025.