How 'CoComelon' owner Moonbug plans to grow under Candle Media
Moonbug Entertainment, owner of popular children's series like "CoComelon," plans to grow its international business and push into gaming, its managing director Andy Yeatman tells Axios.
Why it matters: Moonbug is a closely watched entity in the space given that Candle Media — backed by Blackstone and Kevin Mayer — bought the company last year in a deal that valued the business at $3 billion.
- "We're a franchise company. Our plan is to have five global franchises. Today, we consider that we have one," Yeatman says.
Yeatman says Moonbug's growth will come via three main pillars:
1. Expanding global presence: Moonbug's popularity is primarily restricted to North America and Europe. "We think there's a big opportunity to expand our presence in Asia, Latin America and the Middle East," Yeatman says.
- In May, Moonbug acquired Singapore-based studio One Animation. "Singapore is our new Asian headquarters," he says.
2. Catering to (slightly) older kids: While Moonbug is the leading programming for the preschool-and-under crowd, Yeatman says they're eyeing kids as old as 8.
- Just don't expect them to go after teens: "We really believe in focus. We want to be the best at what we do, which is making content, distributing it and building franchises for young kids."
3. Gaming push: Yeatman told VidCon attendees last month that gaming was their next big content expansion, though he says the approach will be measured.
- "We're not going to launch a 'CoComelon' Fortnite. But we do think that there's a market for games, interactive experiences for our IP, and potentially IP that starts as a game."
The big picture: The children's entertainment space has become a new battleground in the streaming era and factors heavily into parents' decisions on which of the ever-growing streaming services to pay for.
- "We still think there's a lot of untapped opportunity between content, brands, video, gaming and products and linking them all together," he says.