Netflix Inc. NFLX is planning to bank on the success of Squid Game: The Challenge, as it gears up to launch a new reality game show, Million Dollar Secret.
What Happened: The new series hosted by British actor and comedian Peter Serafinowicz will feature 11 contestants on a quest to locate a 12th participant who has been awarded a $1 million prize. The last contestant standing will claim the prize.
The show, which comprises eight episodes, is designed to appeal to the same audience that propelled Squid Game: The Challenge to become the 15th most-watched TV show on Netflix in the latter half of 2023, with more than 33 million views.
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Netflix’s description of the show suggests a strategic element. “Over eight episodes, the less fortunate players must then hunt down and eliminate the millionaire for a chance to secure the cash for themselves. Each time a millionaire is booted from the game, the money moves to someone new.”
“Should the millionaire catch too much heat, they can ditch the cash to survive another day in the competition,” the company said describing the game show format.
The $1 million prize will be transferred to the contestant who finds and eliminates the current holder, creating a dynamic of risk and reward. The streaming giant has not yet announced the premiere date for the show.
Why It Matters: The announcement of Million Dollar Secret comes on the heels of Netflix’s strong first-quarter earnings, where the streaming giant reported revenue of $9.275 billion, according to data from Benzinga Pro. The streaming company also reported a net increase of 13.12 million subscribers in the fourth quarter, bringing its total to 260.28 million.
In April, it was reported that Netflix is on course to monetize approximately 40 million account sharers — individuals who share accounts without living in the same household. To address this issue, Netflix has restricted access for users outside a household.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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