What you are hearing
Pink noise drops by 3 decibels per octave, so each octave carries the same energy. Steady rain, a waterfall heard from a distance, and the sea between waves are all close to pink. It is the colour most people describe as "natural" without knowing why.
What it does
Pink noise masks the middle of the spectrum, where most household sound lives: a television through a wall, traffic, an appliance. It covers speech less thoroughly than brown noise and is less tiring than white. Studies of pink noise and sleep exist; for daytime focus the mechanism is the same as for every colour, which is masking.
When to choose it
Home office with ordinary background noise: pink. Open-plan office with talking: brown. High-pitched intrusions: white. If a synthetic noise feels flat, rain is pink noise with life in it.
Full comparison and sources in our article on brown, white and pink noise.