Netflix’s New Fix: A Real-Life ‘Squid Game’ with $4.56 Million in Prizes

Bloomberg — Netflix Inc. (NFLX) is bringing its record-breaking “Squid Game” show to life with a new reality competition series called “Squid Game: The Challenge.”

The streaming giant is hoping to build on the popularity of its biggest show launch ever. The new 10-episode series will feature 456 real-world contestants pursuing the largest lump-sum prize in reality show history, $4.56 million. The program will mimic the scripted series, in which a group of people with debts to pay compete in versions of childhood games to win money as super-rich VIPs watch.

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The game will challenge players’ strategy, alliances and character, as contestants are eliminated around them. Unlike the fictional series, however, players won’t be shot if they lose.

“The stakes are high, but in this game the worst fate is going home empty-handed,” Netflix’s Vice President of Unscripted and Documentary Series, Brandon Riegg, said in a statement. The show will be filmed in the UK and is a co-production between Studio Lambert and the Garden.

Netflix is betting the franchise will help it recover from a drop in subscribers in the first quarter, the first time it shed viewers since 2011. The one bright spot for the company was Asia, where it added more than 1 million customers. On Sunday, Netflix announced it will renew ‘Squid Game’ for a second season.