New York (CNN Business)-- For much of this year, Netflix shares have trailed big tech rivals Facebook, Apple and Amazon. That's no longer the case, in part because of the global mega-hit "Squid Game."

Netflix's stock was in the red for 2021 as recently as August. Investors worried it may have lost its mojo as consumers flocked to newer streaming platforms like Disney+, Amazon Prime Video, Apple TV+, Paramount+, Peacock and HBO Max, which is owned by CNN parent WarnerMedia.

But Netflix (NFLX), which will report earnings for the third quarter on Tuesday, has enjoyed a massive turnaround in the past few months as users became addicted to South Korea's "Squid Game."

The drama about game show participants trying to survive dangerous contests has created much needed buzz — and viewers — for Netflix since its global premiere in September. Netflix told CNN Business exclusively this month that 117 million accounts have watched the show since its debut.