This year marks the 10th anniversary of the launch of 'Baby Shark,' and The Pinkfong Company is making a concerted effort to target the Japanese market. The company views Japan not merely as a single market but as a character powerhouse at the center of global content consumption, planning to drive The Pinkfong Company’s second global growth.
On the 7th, I met with Joo Hye-min, the Chief Business Development Officer leading The Pinkfong Company's content development business, at the headquarters in Seocho District, Seoul. He also serves as the head of the Japanese corporation.
Upon entering The Pinkfong Company that day, various products were on display, including dolls and educational sound books made using the company’s intellectual property (IP) featuring Baby Shark and Pinkfong. Awards received on YouTube, such as the Ruby Button (50 million subscribers channel award), were also noticeable.
The Baby Shark content, launched in 2015, has established itself as a global IP serviced in 25 languages across 244 countries through platforms like YouTube. Notably, the 'Pinkfong Baby Shark Dance' YouTube video set Guinness World Records for the highest global views in 2020 and was the first in YouTube history to surpass 10 billion views in 2022.
The Pinkfong Company had overseas revenue accounting for 74% of total sales of 97.3 billion won last year, recording an operating profit of 18.8 billion won. The company established subsidiaries in China, Hong Kong, and Singapore starting in the United States in 2016, expanding its overseas operations. At the end of last year, it established a subsidiary in Japan, embarking on The Pinkfong Company’s second global leap.
Director Joo emphasized, "After gaining popularity in Southeast Asia and North America, The Pinkfong Company will seize new opportunities by captivating the world once again in character powerhouse Japan."
Regarding the background of targeting Japan, he noted, "Japan is a country with high IP consumption, yet due to its cultural characteristics, the speed of digital transition has been slow. Currently, Japanese broadcasters and corporations are transforming toward a digital focus, and young parents are showing content to their children through YouTube, so I deemed it a good time for The Pinkfong Company, which has strengths in YouTube content, to expand."
Director Joo also said, "With the global attention on the Japanese animation market increasing, the Japanese character market is also growing," adding that, "The IP business has matured, creating a favorable environment for licensing businesses, and gaining attention in Japan could open up further opportunities globally."
The Pinkfong Company plans to implement its 'digital-first, multi-platform strategy,' which has enabled its growth, also in Japan. Director Joo said, "We are increasing our touchpoints in Japan by releasing digital content such as Baby Shark and Bebe Fin across various platforms, including YouTube, OTT, and theaters."
The Pinkfong Company is currently distributing content to Japanese OTT services, including Netflix Japan and U-NEXT. It is also staging Baby Shark musical performances. The initial results have been positive. Director Joo noted, "In the case of Netflix Japan, Bebe Fin has maintained a position in the top five in the kids' institutional sector over the past year," adding that "both Bebe Fin and Baby Shark are in the top ranks on U-NEXT's popularity charts." The Pinkfong Company also pursues an IP localization strategy in Japan, creating content that considers local cultures and situations.
To achieve its second global growth, The Pinkfong Company has ventured beyond its previously focused B2C (business-to-consumer) to B2B (business-to-business) business areas, such as consulting for other companies' YouTube channels. Director Joo stated, "We plan to provide channel and advertising operation consulting services aimed at companies worldwide, including not only domestically but also in Southeast Asia and North America based on subscriber characteristics analysis using data," adding that "we have secured several clients at present."
The Pinkfong Company will strengthen its current key contents such as Baby Shark, Pinkfong, and Bebe Fin, as well as develop next-generation IPs like the non-verbal slapstick healing comedy "Sealock," the teen high school romance fantasy "Moonshark," and content centered on workers who do not want to work, titled "Redrex."
Director Joo stated, "This year, marking the 10th anniversary of the launch of Baby Shark, we plan to achieve sales of 130 billion won through our initiatives in targeting Japan, strengthening next-generation IPs, and expanding B2B business." The Pinkfong Company recorded its highest sales of 117 billion won in 2022.