Netflix has officially given Squid Game season two the (Red Light) Green Light.

The streaming service announced the exciting news yesterday (January 20), with co-CEO Ted Sarandos confirming that there will "absolutely" be a second season of Hwang Dong-hyuk's record-breaking series.

According to Deadline, Sarandos also teased a future beyond the show's second season, proclaiming that the Squid Game *universe* has just begun.

Something's telling us they're going to need a lot more than 45.6 billion won.

squares and circles in pink suits, squid game
Netflix

Related: Squid Game season 2 on Netflix: Release date, cast, plot and everything you need to know

Hinting at more globalised output from South Korea, Sarandos also praised the success of K-drama, calling Korean cinema and television "great content".

"They didn't try to make the show different so that it would travel, but tried to find all the things about Korean cinema and Korean drama and build them up in a way and new levels of production values," he said.

"It's not like we had to go in and teach anyone in Korea how to make great content. It's an incredible market for that."

This is the first time Netflix has confirmed the renewal of Squid Game, although Hwang Dong-hyuk has already been mulling over the arc for Lee Jung-jae's protagonist Gi-hun.

lee jungjae as seong gihun, squid game
Netflix

Related: Squid Game creator responds to criticism over the show's ending

"I will promise you this… Gi-hun will come back, and he will do something for the world," he said back in November.

Lee Jung-jae recently shared his own hopes for his character, saying that he wants Squid Game's newest chapter to be unpredictable.

"I have no idea what will happen or the scale of it, but the only thing [Hwang] did tell me was that Seong Gi-hun is going to be in the show again, and he's going to be playing in the arena again," he teased.

Squid Game season 1 is streaming now on Netflix. Season 2 has been confirmed.

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Rianne Houghton
Rianne Houghton is a freelance news writer at Digital Spy.