Hybe’s global superfan platform Weverse at a crossroads


Weverse, Hybe's global superfan platform, is facing a pivotal moment in its business strategy as it prepares to introduce a comprehensive paid membership system in the third quarter of this year. Launched in 2019, Weverse offers fans the opportunity to engage in various activities and purchase artists' physical albums and merchandise, as well as access exclusive content such as concert livestreams and live broadcasts. However, despite increasing revenue, Weverse has experienced operating losses, with its monthly active user numbers declining to 9.2 million in the first quarter of this year. The platform operator, Weverse Company, reported an operating loss of 8 billion won ($5.8 million) last year, marking its second consecutive year of losses. To address this, Weverse began monetizing its platform in May last year by introducing a subscription-based membership that includes ad removal, real-time subtitles, and other exclusive fan services. The platform also plans to expand its paid membership service in the next three months to enhance its profitability. However, there is skepticism about this move, with concerns raised about the need to prioritize fans' desires and the potential challenges of attracting global artists to the platform. Weverse's challenges and strategies are further complicated by the need to secure sustainability and profitability for Hybe, which is heavily reliant on K-pop bands' physical album sales and concert revenue. The company's efforts to expand its artist roster and attract bigger-name pop artists, such as Ariana Grande, reflect its ambition to promote the platform in the US mainstream market and beyond. However, there are doubts about the potential success of this approach, particularly in relation to the differences in fan culture and artist-fan relationships between K-pop and Western music.


Previous Post Next Post