The catchy tune about a family of sharks has become so lucrative that the Korean family behind it is now sitting on a multimillion-dollar fortune.
To the contrary, the catchy tune about a family of sharks has become so lucrative that the Korean family behind it is now sitting on a rapidly growing multimillion-dollar fortune.Kim Min-seok co-founded closely held SmartStudy Co. in 2010, and five years later its children’s educational brand, Pinkfong, released “Baby Shark.” His father runs Samsung Publishing Co., which also owns part of the startup.
The Kim family owns 63% of Samsung Publishing, which, in turn, owns 21% of SmartStudy. Kim also directly owns a 23% stake in the startup, which Bloomberg valued by comparing it to four publicly traded peers.Kim, 38, hardly set out to write a hit global song. After working at gaming companies including Nexon and developing content for kids at Samsung Publishing, he co-founded SmartStudy to focus on the growing market for educational content for smartphones.
The app-to-video maker’s early days were tough, but eventually grew faster as the Baby Shark video became a sensation, Chief Financial Officer Seungkyu Lee said in a JanuaryThe song has amassed more than 3.8 billion views on YouTube and this year reached the Billboard Hot 100 chart. There’s also a concert experience for children, Baby Shark Live!
France Dernières Nouvelles, France Actualités
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