'Baby Shark' creator Pinkfong shares drop 7.7% after IPO

Shares of Pinkfong, the South Korean entertainment company behind “Baby Shark,” have dropped below their IPO price just days after their market debut.

The stock fell to 35,050 won (US$23.80) on November 21, drop 7.7% from its initial public offering price of 38,000 won (US$25.80).

Pinkfong’s shares initially surged after debut on November 18, but declined as global equity markets weakened.

The company, known for the viral “Baby Shark” video with over 16 billion views, had aimed to expand its media offerings beyond children’s content through the IPO.

Some investors have expressed concerns about Pinkfong’s valuation and whether it can produce new popular characters and successfully monetize them.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Baby Shark momentum cools as Pinkfong revenue slips

First-half 2025 revenue fell 2.4% to 45.2 billion won, while net profit dropped 67% to 3.8 billion won. It may be past its growth peak 1.
Attempts to match Baby Shark have stalled. Penguin Dance has 125 million views, far from Baby Shark’s 16 billion 2.
Sales mix skews to Intellectual Property (IP)-based content at 68%, with merchandise at 15%. The profit slide likely stems from higher production costs or softer pricing as the Baby Shark phenomenon matures 1.
Leaders plan three new IPs by 2028 and are moving into teen content with Moon Shark, a teen-oriented series. These bets aim to diversify revenue, yet they remain unproven 1 3.

Studios can help fill Moon Shark distribution gaps

Moon Shark has about 830,000 total views, with about 818,000 on Kakao Page, a South Korean digital comics and fiction platform. A North America launch in 2025 leaves room to grow in Western markets 3.
Animation studios focused on teens can pitch co-production deals. Pinkfong plans more 2D animated music videos this year and has worked with M Story Hub and Reticles, both content production firms 3.
Merchandise makers serving females aged 10 to 20 can contact Pinkfong directly. Products sell through YouTube Shopping and the company’s online store, as the team expands this category 3.