Even though Netflix has made nearly $1 billion from 'Squid Game', its creator Hwang Dong-hyuk does not have any royalties or control of intellectual property rights.
As reported by Los Angeles Times, Hwang had no entitlement to any residuals and had to renounce any intellectual property rights.
The Los Angeles Times reported that Hwang's concept for a TV show had been rejected a decade prior to Netflix accepting it; the series had cost around $2.4 million to develop and produce per episode according to corporate papers.
When asked if he had acquired similar wealth to the jackpot winner of the show's competition, the originator answered the Guardian:
Though I may not be wealthy, I am fortunate enough to have what I need, including a meal to put on the table. Furthermore, I was not given an additional bonus on top of my Netflix agreement. Netflix disbursed the payment stipulated in the initial contract.
People had expected this outcome, and were not taken aback by the news.
Hwang informed that he had sealed a beneficial contract for season two of his acclaimed show and was examining other possibilities with regard to royalty payments and ownership of the intellectual property.
He backed a bill that would demand compensatory payments to creators as a legal obligation.
I urge the National Assembly to contemplate long-term solutions and view this with a holistic, system-wide perspective. Ensuring the livelihoods of creators is essential for the emergence of the next Squid Game or the next Parasite.