Pinkfong’s Baby Shark Phenomenon Propels Company to Major Growth and Market Debut
In June 2016, Kim Min-seok approved the publishing of a 90-second Baby Shark clip which quickly became a global sensation, accumulating over 16 billion views and becoming YouTube's most-watched video.
This viral hit significantly contributed to Pinkfong's growth, formerly known as SmartStudy, transforming it into a multi-hundred-million-dollar media company.
Pinkfong’s parent company debuted on the Korea Exchange on 18 November, with its shares rising more than 9% and a valuation surpassing $400 million.
Founded in 2010 by Kim Min-seok, CTO Dongwoo Son, and a third employee, SmartStudy began in a small office where salaries were initially not anticipated.
The company rebranded as Pinkfong in 2022 and has since expanded to about 340 employees with offices in Tokyo, Shanghai, and Los Angeles.
The Baby Shark phenomenon itself traces back to the US in the 1970s; its catchy chorus and dance routines helped it gain traction after appearances at events in Southeast Asia.
The video reached YouTube’s top viewership in November 2020 and generated approximately half of Pinkfong’s revenue in the years following.
In 2019, the company faced a plagiarism suit concerning Baby Shark, but Korea's Supreme Court rejected the case after Pinkfong argued that their version was derived from a public-domain folk song.
Beyond Baby Shark, Pinkfong has been nurturing other characters such as Bebefinn and Sealook; currently, Bebefinn accounts for about 40% of earnings while Baby Shark accounts for about 25%.
The stock market debut raised around $52 million aimed at expanding films and characters and pursuing a technology-driven content strategy using viewing data.
Pinkfong hopes to demonstrate that it is more than a one-hit wonder by broadening its slate of characters to sustain ongoing growth.
