The catchy tune about a family of sharks – „Baby Shark” – 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 family fortune, based on stakes held by Kim’s immediate relatives in those two companies, is now about $125 million — much of it thanks to the song.
SmartStudy declined to comment on the family’s wealth.
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 January interview. Last year, the startup’s revenue jumped about 47% to 40 billion won ($34.3 million). The 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!
Amazing, isn’t it? Unexpected things, not regarded as likely to happen, do happen, after all.
the source : time.com