How Baby Shark Took Over the World Without Making a Fortune

“Baby Shark Dance” is the biggest YouTube hit ever recorded: a 16-billion-view phenomenon that has defined childhood for nearly a decade.

But despite its staggering reach, the studio behind the song, South Korea’s Pinkfong, never earned the massive windfall people assume. Because YouTube places strict limits on advertising for children’s content, viral success doesn’t translate into premium ad revenue.

That’s why Pinkfong’s annual earnings hovered around just $67 million last year, modest by the standards of global entertainment franchises.

Instead, the company built its business around merchandise, apps, live shows, licensing, and brand partnerships, alternative revenue streams that kept the Baby Shark universe growing even as YouTube payouts remained small.

Now, Pinkfong is back in the news. The company went public in Seoul, and its stock surged more than 60% on its first day of trading, a sign of investor confidence in its global brand.