▲ Jin of BTS's fan meeting in Seoul is live-streamed on the Weverse platform on June 13 ⓒ Big Hit Entertainment

Weverse, Hybe's global superfan platform, finds itself at a crucial juncture as it prepares to implement an extensive paid membership system in the third quarter of this year, aiming to revitalize user engagement amidst declining numbers.

Launched in 2019, Weverse serves as a hub for fan activities, merchandise sales, and exclusive content from K-pop artists, including livestreamed concerts and interactive features.

For Hybe, sustaining profitability hinges significantly on the success of its platform business, highlighted by Chairman Bang Si-hyuk at last October’s Bloomberg Screentime event, where he positioned Hybe as a “half-tech company.”

Despite revenue growth, Weverse reported an operating loss of 8 billion won ($5.8 million) in 2023, extending its loss streak for two consecutive years, as revealed in Hybe’s annual report released in March. 

▲ ⓒ Ariana GrandeWeverse began monetizing through subscriptions last May, offering benefits like ad removal and exclusive fan services using its digital currency, “jelly.” Plans to expand these offerings aim to enhance profitability within the next three months.

Critics, like Seoul National University of Science & Technology’s Professor Lee Jong-im, caution that understanding fan preferences is crucial, citing recent backlash against high-priced membership services in the music industry.

Weverse’s monthly active users dipped to 9.2 million in Q1 2024, down from a peak of 10.6 million in Q3 2023, prompting ongoing updates and service expansions, as discussed by Hybe’s Chief Strategy Officer Lee Jae-sang during the recent Q1 earnings call.

CEO Joon Choi has outlined ambitious plans to expand Weverse’s artist lineup globally, building on partnerships with Universal Music Group and recent additions like Ariana Grande, emphasizing the platform’s appeal beyond K-pop.

Sayart / Nao Yim, yimnao@naver.com