[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]In 2018, a little-known Korean entertainment company called Pinkfong experienced a surge in popularity after a two-minute viral YouTube video about a family of cartoon sharks. The video, titled “Baby Shark Dance,” was originally posted in 2016 but gained widespread attention two years later. It became the most-viewed video on YouTube in 2020, amassing a staggering 13 billion views to date. Even Elon Musk mentioned it in a tweet, noting its popularity surpassing that of humans.
As Pinkfong’s iconic “Baby Shark” video celebrates its seventh anniversary this month, the company’s CEO and co-founder, Kim Min-seok, believes it is time for the company to expand beyond children’s entertainment and YouTube videos in order to achieve further growth. Kim envisions Pinkfong becoming a global content powerhouse that creates engaging experiences and content for individuals of all ages within the family.
To achieve this, Pinkfong’s first target audience is teenagers and young adults, a demographic that Kim is familiar with due to his previous experience at online gaming companies. Kim’s billionaire uncle, Kim Chang-soo, who owns almost 1% of Pinkfong, provides valuable advice as he runs F&F, a successful clothing giant targeting the same age group.
Pinkfong plans to tap into the webtoons market, which are bite-sized digital comic books designed for smartphone consumption. Webtoons offer a snackable and enjoyable format, similar to TikTok content, where readers can engage with the stories in short bursts of time. Teenagers and young adults, who grew up with smartphones, are particularly drawn to this easily digestible format. Kim believes webtoons are an excellent way to reach untapped audiences and expand Pinkfong’s reach beyond children.
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The webtoon market is experiencing significant growth, fueled by a diverse range of available content. The low barrier of entry and relatively few overhead costs allow cartoonists to create a variety of webtoons easily. Successful webtoons often serve as the foundation for other adaptations, such as live-action movies, shows, animations, and games.
Pinkfong is not alone in recognizing the potential of webtoons. Various companies, including Amazon and Apple, have expanded into this popular entertainment form. Investors have also shown interest, with significant funding rounds for webtoon startups. Kakao Entertainment, a prominent player in the webtoon industry, has been actively investing in webtoons and acquiring digital content companies to strengthen its position.
In addition to webtoons, Pinkfong aims to go viral offline through live shows and theme parks. Kim believes that offline experiences, such as interactive live shows and theme parks, create a strong fan base and contribute to brand longevity. Pinkfong has already launched pop-up indoor theme parks and has plans for further expansion.
To fuel its content creation for webtoons, live shows, and theme parks, Pinkfong leverages its corporate venture arm, SmartStudy Ventures. This venture capital arm manages funds focused on tourism, intellectual property acquisition, and sector-agnostic investments. By experimenting and making timely decisions, Pinkfong aims to create joyful content that brings people from different generations and backgrounds together.
Ultimately, Kim envisions a future where the toddlers who grew up watching Pinkfong and “Baby Shark” become adults and enjoy Pinkfong’s content with their own children. This vision drives Pinkfong’s aspirations to create meaningful and enjoyable experiences that transcend generations.[/vc_column_text][/vc_column][/vc_row]
