Pinkfong, the creator of the globally recognized children's song "Baby Shark," achieved a valuation exceeding $400 million (£304 million) following its debut on the South Korean stock market. Shares rose by over 9% on its listing day. The company's chief executive, Kim Min-seok, stated that the success of "Baby Shark" marked a significant turning point for the firm's global expansion.
Pinkfong was established in 2010 as SmartStudy, initially focusing on digital content for children up to 12 years old, starting with three employees. Early operations were characterized by limited resources. Over time, the firm underwent several strategic overhauls, including a pivot towards content for toddlers, which led to the development of simpler, learning-based materials. The company expanded to approximately 100 employees during this period. In 2022, SmartStudy was rebranded as Pinkfong, adopting the name from a fox character featured in its early cartoons. Pinkfong currently employs around 340 individuals with offices located in Tokyo, Shanghai, and Los Angeles.
"Baby Shark" is believed to have originated in the United States in the 1970s as a camp song. Pinkfong's 90-second video clip of the song was released in June 2016. Its rhythmic structure and repetitive nature contributed to its memorability for children. The video gained significant traction after its associated dance routine became popular at children's events in Southeast Asia, leading to widespread online sharing and viral status. In November 2020, "Baby Shark" became YouTube's most-viewed video, accumulating over 16 billion views. In the period immediately following its release, the video generated approximately half of Pinkfong's revenue and served as a foundation for merchandise and additional content.
In 2019, Pinkfong faced a plagiarism lawsuit regarding "Baby Shark." The company maintained that its version was derived from a folk song in the public domain. South Korea's Supreme Court subsequently rejected the case, ruling in Pinkfong's favor.
While "Baby Shark" initially contributed significantly to Pinkfong's earnings, its share of revenue has since decreased to approximately one-quarter. Newer franchises, such as Bebefinn and Sealook, are experiencing growth. Bebefinn currently accounts for roughly 40% of the firm's earnings. Pinkfong aims to expand its content portfolio beyond "Baby Shark." The company raised nearly $52 million in its market debut, with plans to allocate these funds towards developing new films and characters. Pinkfong also intends to become a "tech-driven" content creator, leveraging viewing patterns and data analytics to inform new projects and demonstrate sustained success to investors.