Studio Dragon's global No. 1 hit fails to lift its battered share price

"From 120,000 won to 20,000 won — completely wiped out," one investor said.

Studio Dragon's "Doctor X: Age of the White Mafia" topped Netflix's global chart in its opening week, generating wide buzz — but the company's share price has collapsed, leaving shareholders furious.

Signs of a breakout hit for "Doctor X," combined with hopes for improved third-quarter earnings, helped the stock rebound from a low of around 20,000 won to the 23,000 won range, but investors say it has a long way to go.

Studio Dragon shares once traded above 120,000 won. Most shareholders are now sitting on heavy losses.

On Friday, Studio Dragon closed at 23,650 won.

"Doctor X" has drawn strong attention after surpassing a peak viewership rating of 20 percent in just four episodes since its premiere, setting a new series high with each installment.

The international response has been equally strong. In Netflix's weekly global chart for Oct. 5–11, "Doctor X" ranked first in the non-English TV series category, logging 4.6 million views and 9.9 million hours watched. It topped the charts in seven countries, including South Korea, Indonesia and Thailand, and entered the top 10 in 36 countries worldwide.

"Doctor X" is a medical drama series following Kye Su-jeong, a genius surgeon who knows neither failure nor compromise, as she takes on the deep-rooted corruption of the medical establishment through her unrivaled surgical skill.

The series is based on the popular Japanese drama "Doctor X: Surgeon Daimon Michiko" and reimagines that medical drama classic for a Korean setting.

"Doctor X" marks the tenth Studio Dragon production to reach No. 1 on Netflix's global chart. The company has consistently delivered globally top-ranked titles since "The Glory" in 2022, followed by "Celebrity" (2023), "Queen of Tears" and "Hierarchy" (2024), "The Tyrant's Chef," "All Will Be Fulfilled" and "The Price of Confession" (2025), and "Brave New World" and "True Education" (2026).

A Studio Dragon official said the company plans to reach K-drama audiences around the world before the end of this year with quality productions including writer Noh Hee-kyung's "Slowly, Intensely" and "Gift," starring Kim Woo-bin.

Despite producing a global No. 1 title every year, Studio Dragon's share price remains in dire shape. Analysts point to a sharp deterioration in profitability driven by soaring production costs.

In the past, a hit drama would lift a content company's share price. That dynamic has changed. Even a blockbuster success no longer translates into actual profit, because production costs eat up the gains.

Studio Dragon shareholders have been vocal in their frustration as the stock has plunged amid the profitability squeeze. Per-episode production budgets, which stood at just 300 million to 400 million won ($297,000 to $371,000) only a few years ago, have surged to as much as 2 billion won today.

Lead actors' per-episode fees are a major driver of the cost explosion, having jumped from around 100 million won to between 300 million and 500 million won depending on the star's tier.

Despite expectations for improved third-quarter earnings, brokerages have been cutting their target prices for Studio Dragon. Samsung Securities lowered its target to 33,000 won, Shinhan Securities to 30,000 won, and KB Securities to 32,000 won.