What Happened To FRENDS After Shark Tank?

The company FRENDS was founded in 2011 in Los Angeles. Their goal is to create stylish yet functional headphones built in a way similar to the construction of jewelry. The caps on the headphones can be switched out with a different color or design, and the headphones are specifically built to be comfortable for women. According to the "FRENDS Story" on its website, their headphones offer "luxury materials, premium sound and acoustics and interchangeable design that allows limitless self-expression." The website goes on to say, "We believe headphones are more than just a connection to your music, they are an extension of ourselves."

The FRENDS headphones were pitched on "Shark Tank" by Sheen Moaleman and Keir Dillon, the famous snowboarder. The duo asked for a $1 million investment and offered 7.6% equity in the company in exchange. However, their sales numbers from the year prior and their losses since launching the business were not promising indicators of success for the Sharks.

Loss numbers were too high for the Sharks

Sheen Moaleman and Keir Dillon told the sharks about their various losses. They lost $1.3 million from headphone sales at Apple and Best Buy, but they were able to receive the extra inventory from those retailers and then sell out. The previous year before their "Shark Tank" appearance, FRENDS had a target of $6 million in sales and only received about half that ($2.9 million). Moaleman and Dillon also shared how overall, the company has lost $9 million. But they were optimistic that their new product would make them a profit of $3 million the following year.

Kevin O'Leary was the first Shark out, with Shark-of-the-Week Ashton Kutcher following shortly after. Next to swim off were sharks Lori Greiner and Robert Herjavec. The final shark swimming was Mark Cuban, the "Shark Tank" star with the highest net worth. Cuban felt it was too much of a risk to hope their new product would turn things around sales-wise, and he stepped back from the deal as well. Moaleman and Dillon left the tank without a deal for FRENDS, but that was not the end of the company. According to the Shark Tank Blog, FRENDS earns approximately $8 million annually as of April 2023. 

Despite no deal, 'Shark Tank' helped Dillon improve FRENDS

A year following his "Shark Tank" appearance, Keir Dillion penned an article for Inc. about the lessons he learned from it. He admitted he did not feel confident about how he pitched FRENDS, but it was still a valuable experience. They listened to Mark Cuban and instead of betting on a new product right away, FRENDS temporarily shifted focus. Hearing the Sharks say "no" to his product helped Dillon learn what needed to be revamped about their business plan and helped them decrease spending.

Dillon also felt strongly that if an entrepreneur is passionate about their product, they cannot give up on it. He said, "Being an innovator also means testing your own perceptions and conventions when it comes to the evolution of a product. Never give up, never settle, and keep charging for your dreams if you believe in it." Dillon finished his Inc. essay by expressing his gratitude for his time on "Shark Tank" because it helped him make his business better.

Sheen Moaleman and Dillon do not work at FRENDS anymore. Instead of Dillon, the current CEO seems to be Daniel Davis. The business still sells headphones in a variety of colors and styles, such as over-ear, on-ear, or in-ear headphones. However, there is a hidden danger of wearing headphones too long, so be wary with any pair you buy.