Netflix's 'Squid Game' Ends... Or Does It?

A third and final season of "Squid Game" recently premiered on Netflix Inc. NFLX. While the series may conclude the storyline of lead character Seong Gi-hun, viewers also saw a cameo appearance by an Academy Award winner that could set up a U.S. version of the show and hint at future spinoffs.

What Happened: Streaming success for Netflix will live on with or without "Squid Game," but viewers and shareholders likely can't help but question what comes next.

Series director and creator Hwang Dong-hyuk has confirmed that the original series for "Squid Game" is done and there will not be a season four.

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Without spoiling too much of the series 3 plot for readers who have not watched the newest season, the storyline for Gi-hun reaches its conclusion, with an ending that Hwang originally didn't plan on using.

While Gi-hun may not be used in any spinoffs, in today's age of hit television series and movies, fans know that there can be spinoffs and origin stories to further advance a series.

Outside of Gi-hun there are other characters like Front Man and a baby that plays a key role in the series 3 plot that could also be featured in spinoffs and origin stories.

Viewers of the final episode of "Squid Game" were likely most surprised to see Academy Award winner Cate Blanchett playing a potential recruiter for "Squid Game" in the United States. Blanchett is seen dressed similar to the recruiter of the "Squid Game" series and playing ddakji.

Why It's Important: Hwang has not shied away from the demands of making the three seasons of "Squid Game."

"This is something that has completely consumed me," Hwang said, as reported by The Hollywood Reporter.

Netflix has not confirmed any spinoffs or remakes, which leaves fans at a standstill and creates even more question marks with the surprise cameo of Blanchett in the final episode.

After previously being interested in creating spinoffs about the gap between season one and two or on the backstories of players and guards, Hwang seems to feel content with everything being completed.

"I think the story ended in a manner where it doesn't need a further story to be told. So I am not too interested in telling a story that continues with the conclusion," Hwang said.

The director said if he did do a spinoff, it would be on the time gap between seasons one and two.

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The appearance of Blanchett and previous reports that David Fincher was making a U.S. version of "Squid Game" have amplified rumors of a potential American version of the show. Blanchett previously starred in Fincher's "The Curious Case of Benjamin Button."

Without a U.S. version of the show, Blanchett's appearance would serve as just a potential plot point, highlighting the existence of other versions of the games around the world.

With Hwang ready to move on beyond "Squid Game," the question is whether he will give his blessing for others to work with his plot and characters, and how much content Netflix can derive from this valuable intellectual property.

A reality game show and mobile game have also been part of the "Squid Game" universe, along with live events and experiences from the streaming giant.

Hundreds of millions of households around the world watched the first season in its first month of release, with Netflix reporting a record of 1.65 billion hours of the series streamed during its first four weeks.

Still ranking as Netflix's most-watched series, the first season has more than 265 million viewers with over 2.2 billion hours watched.

Season two of "Squid Game" had 68 million viewers during its first week, setting a new Netflix premiere record.

Later this week, we'll find out how many people watched episodes from season three in its premiere week.

Fans of "Squid Game" and Netflix shareholders aren't ready to say goodbye to the series or characters yet, and Hwang may face the difficult decision of ending the series for good or passing the torch to others.

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