So the teaser to Squid Game Season 3 just dropped, and already it has 16 million views (and it keeps going up and up). What can we expect from the new season so far? Are there any hidden Easter eggs that fans have pointed out so far?

Before discussing everything in Season 3, let's do a brief overview of the previous 2 seasons.

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What is Squid Game?

To cut it short, Squid Game is a survival thriller competition that places 456 players into a contest where they are competing to win a jackpot prize of 45.6 billion KRW (which is around 31 million dollars). Little do they know that only one person can win the competition, and the remaining 455 players will be killed. Each of these players is debt-ridden and is individually selected by a salesman to participate in a series of games. These are traditional Korean childhood games (such as the most commonly known Red Light Green Light, which blew up all over social media in 2021, when the first season was out).

The large cash prize indoctrinates people from the brutal reality of what they're up against. Their desperation outruns their moral lining, and their consciences are completely thrown out the window. Friendships are built, some are broken, there's heartbreak, humour, terror, and pure exhalation that puts you on the edge of your seat from start to finish.

The show discusses themes of class disparity (with great emphasis on how far people are willing to go for economic gain), capitalism, betrayal, and, of course, the human condition.

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Season 1

Season 1 ends with Gi-hun, aka Player 456 (the protagonist who wins the first squid game), in an airport returning home to reunite with his daughter. He learns that one of his competitors, whom he grew very close to, Oh Il-nam, was the creator, but he dies in the games. Gi-hun doesn't get on the plane, which leaves viewers and fans on a massive cliffhanger as to why he is staying. We later learn that it is with the intent that Gi-hun wants to stop the organisation behind the games.

Since 2021, Squid Game has become an internationally recognised phenomenon, reaching number 1 on Netflix in a total of 94 countries! It has won Emmys, SAG awards, and even one Golden Globe, and holds the championship for being the most watched show on Netflix, even years later. Season 2 was also a huge success, albeit a little less than the first season, and was number 1 in 92 countries.

Season 2

Season 2 picks up after Gi-hun wins the competition, but his fortune doesn't bring him happiness. He is depressed and regretful and feels that the money he has is 'blood money' and isn't rightfully his. Therefore, he uses his wealth to attempt to destroy the games.

How? Through violent means.

Gi-hun returns to the games as Player 456, playing another 'Red Light, Green Light' game, expecting every game to be the same. He tries to get everybody on board, but it's very divided. The money-hungry people are firmly against him and think he's faking it in an attempt to win the prize. After every game, the guards give them the chance to either vote to stay or leave the game (X to leave, O to stay), but each time, it's either a tie or in favour of team 'O', whereby the majority chose to stay in the game.

To some surprise, there were so many different games in the new season. A fan favourite is 'Mingle', but there are also other famous Korean games such as the six-legged pentathlon and bread and lottery (where the Frontman attempts to recruit people to join the game at the beginning of the season).

He makes friends along the way, including his longtime friend Jung-bae and many others, but there are still hostilities, as we see in season 1. There are new antagonists in the new season, the most common ones being Thanos (the one everyone knows on TikTok with the spiky purple hair) and his 'sidekick' (if you must), Namgyu. The two bring about a large number of players to join Team 'O', which pushes the plot forward in the sense that we see greater animosity and violence towards the competitors.

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There were a lot of gaps that needed to be addressed in the second season, such as the character of Hwang Jun-ho, the cop who was shot by In-ho, his brother, better known as the Front Man. Jun-ho tries to locate Gi-hun and find the island where the games are located, with help from hired soldiers and mercenaries.

In-ho joins the game as a contender (player 001) and becomes part of Gi-hun's friend group, acting as a companion and teammate, only later for him to betray them.

By the end of season 2, Gi-hun assembles a group of people and schemes a massacre by stealing the armed guards' weapons and rebels against the organisation in an effort to destroy the games. They are initially successful in this, forcing the remaining soldier to guide them to the control room, but are met with more armed soldiers who open fire along their journey.

The group progressively runs out of ammo, and In-ho (as discussed) betrays the group by killing two players, and captures Gi-hun and Jung-bae. Jung-bae is executed by In-ho (in the Frontman costume) in front of Gi-hun, who is in complete utter shock at this sight.

This is where the season ends, a failed attempt at a revolt to end the games, and Gi-hun facing the realisation that the games will continue. This sombre, yet anticipating ending has left fans wondering what is going to happen next. Director Hwang Dong-hyuk revealed that in just less than 7 months, there will be a season 3, and we've just seen the first hint of it.

Fans felt like there wasn't much real progress in season 2 compared to season 1; therefore, they are hoping for more momentum and pace. I have a strong anticipation that this season will be more eventful!

Let's dissect everything that happened in the newly released trailer.

Image credit: Sung Jin Cho from Unsplash

The Squid Game Trailer

The trailer starts with the guards carrying Gi-hun in the boxes used to transport the dead players from the room. Then the scene cuts to each player choosing a ball from what looks like a gumball machine. Fans have speculated that these signify different teams, whether it's a 1 team vs 1 team or just 1 player vs 1 player, which means we could lose A LOT of players (which wouldn't be surprising given the exponential losses in the first season).

The game could potentially be a hunter vs prey type of game, where one team is on the knife team and the other is on the keyhole team, and will play until one team is eliminated. It looks to be the red team with knives and the blue team with keys, because it looks like those in blue bips have no weapons in hand (as we see with Player 120 fighting with her fists).

Let's break down some of the specific key moments of the trailer, including what characters are there, what they are doing, and what rumours are spreading around the internet.

• The mother and son (Player 007 Yongsik and Player 149 Geum-ja) in the second season appear to have balls of different colours, which may mean they have to go against each other. They look at each other sort of like how you would if you were to know you were losing something, or someone. Remember, if we look back at season 1 and the marble game, when two players go against each other, one has to die. This could mean that we could lose one of Yong-sik or Geum-ja, though I do hope Director Hwang doesn't let either one of their deaths be a consequence of them having to play against each other. Gi-hun is seen on the red team, which means many have instantly pushed the conspiracy that everyone on the blue team is going to die (which includes Player 007 and Player 120 as of now).
• The X and O process still occurs, which confirms that the games are continuing. Gi-hun appears to be exempt from the voting and is handcuffed during the process, so his vote no longer counts, and he cannot influence anyone else's vote anymore. However long the games continue for, we don't know, but there is likely going to be a change of heart for a few characters, though many doubt Nam-gyu will change his mind, and will still be adamant on representing team 'O' given the circumstances of Thanos' death. T.O.P. (who plays Thanos) is said to be returning for season 3, so we may get some kind of flashback with Thanos involved. Nam-gyu may develop some mental traumas and experience rememory through Thanos, so the future seems very bleak right now for Nam-gyu's character.
• We see the scene, but what looks like a physical fighting scene, with a very afraid Min-su (Player 125), who looks as if he's lost hope. Is it the end for Min-su? Many fans are speculating that this could be the case (the poor look in his eyes...).
• Player 333 Myung-gi is seen crying with blood all over his face, which, if the theory about the 'hunters vs prey' game is real, he must've used the knife to kill his opponent, given he was on the red team.
• We see a lot of backstory behind Guard 11 in season 2, and the ins and outs of the job as a guard in the games. There appears to be a scene of Guard 11 escaping through the ventilation system, which creates a strong implication that she is trying to help stop the games. There would be a reason for Director Hwang to give Guard 11 such coverage in the second season as a build-up for her having an important role in the final season. Some have noticed she had a lighter in her hand in the trailer, which means she could set fire to the building or use it as a distraction for some players to escape. Jun-ho also appears in the trailer, and looks like he is still searching, though I hope there's more to his character this season than just aimlessly looking for the island, though fans have raised the potential of Jun-ho and Guard 11 working together to stop the games all in all, which could be an exciting plot drive.

For me, since I had the whole narrative in mind already, it wasn't so difficult. In season three, my purpose and my arc will be fully unraveled, so please stay tuned! - Wi Ha-joon.

In an interview by Gautam Sunder, Wi Ha-joon, actor of Jun-ho, confirms that Jun-ho's storyline will be further enhanced and explored in the third and final season.

• As people expected, the VIPS from season 1 are back!! Their role could potentially be quite important, so fans must keep a watch out for this!
• Geum-ja is seen crying in one of the scenes, which has led many to confirm that something bad happens to Yong-sik, perhaps Yong-sik loses the 1 vs 1 against his mother, though this is only a theory. Jun-hee (aka Player 222, who was a fan favourite in season 2 for her character as the 'pregnant girl') is also seen crying, for what reason, fans do not know for sure. Lots of viewers took to TikTok and commented on how Myung-gi (Player 333, Jun-hee's baby's father) "looks like he's lost everything", and are theorising that perhaps Jun-hee dies along with the baby, but this is all a complete guess based on the trailer.
• I think the most important part of the entire trailer is the end, as we can hear a baby crying. The only obvious answer for this is Jun-hee's baby, whether it is just the sound of her being born, or another unconsolable reason, is one of the biggest mysteries awaiting season 3. Jun-hee crying could potentially be a result of three things as of now: she knows she's going to die and that the baby will have no mother, Player 333 dies, or perhaps she gave birth but the baby died. These three theories are the most common among Squid Game conversations, and one is likely true. One commenter raised an interesting point about how Korean shows cannot kill pregnant women, but, for example, Hee-su from Korean show 'All Of Us Are Dead' dies after she gives birth, which means the same circumstance could happen for Player 222, whereby she dies after the baby was given birth to, but it's only conspiracy.
• People had also noticed that even the Frontman was crying in the trailer, which leads many to question the reasons as to why he would be doing so, but there's very little detail on this right now online. Some say it's because he had a realisation, like an ulterior conscience, after becoming so close to the other players, or something could've happened to Jun-ho, but we can only wait until season 3 comes out to know exactly why.

There's a lot of fan debate circulating across social media with a multitude of unanswered questions: Will the blue team die? Why is the baby crying? What will the VIPS do?

Is Player 246 (Gyeong-seok) alive? Will the games be over once in for all? The wait will soon be over when the final season premieres. The premiere date for season 3 of Squid Game is on Netflix on June 27th, 2025.