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The South Korean survival drama became Netflix’s most-watched exclusive series, with 1.65 billion hours viewed in its first 28 days. Its success demonstrates how exclusivity can turn foreign-language content into global popular media. However, because the show was locked behind a Netflix paywall, its cultural impact—while massive—remained restricted to subscribers. A 2022 study found that only 42% of US adults had seen any Squid Game content, but among Netflix subscribers, that figure rose to 89% (Kim & Park, 2023).

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The shift toward exclusive entertainment has fundamentally altered how pop culture is made. It has given rise to "Peak TV"—where volume often trumps quality—but it has also allowed for creative risks that network television would never take. A 2022 study found that only 42% of

Exclusive content allows platforms to cultivate distinct brand identities. Apple TV+ focuses on prestige, star-driven dramas ( Ted Lasso , Severance ); Peacock leverages legacy NBC sitcoms ( The Office exclusive after 2021); Paramount+ emphasizes Star Trek and Nickelodeon nostalgia. As the number of major SVOD services grew to over eight in the US by 2025, exclusivity became the only reliable way to stand out. It has given rise to "Peak TV"—where volume

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