Weverse Gift Card

Weverse Gift Card - HYBE Corporation, the company behind K-pop megastars BTS, understands the fandom business. And maybe that's why their "global fan life platform" Weverse seems so compelling. Neither a social network nor a private fan club, HYBE is trying to create a "super app" that would allow artists to publish, stream, organize concerts, sell official merchandise and more in one online ecosystem.

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Weverse Gift Card

Through HYBE's ambitious global expansion, including the acquisition of Ithaca Holdings (opens in new tab) (headquarters of Justin Bieber and Ariana Grande), a merger with former live streaming industry leader V Live, and a partnership with Universal Music Group (opens in new tab) and South Korean competitor SM Entertainment, Weverse currently hosts 80 artists and actors from around the world.

These public figures can communicate with fans through text messages, photos, videos and live content – ​​all without leaving the app – to more than 65 million users, 10 million of whom are active monthly. A streamlined fandom platform of this scale has never existed before.

On sites like Twitter, YouTube, and Tumblr, communication between fans and artists is a byproduct of blogging tools. Weverse is all about creating experiences that connect artists with their fans – and monetizing those interactions. The platform draws inspiration from the Korean music industry, which lives and dies by fan engagement.

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And no one understands this better than HYBE. Jun Choi is the president of Weverse. Before joining the company in 2021, Choi held senior roles at video game companies NCSOFT and Nexon, as well as Pinkfong, the children's content giant known for Baby Shark. This despite studying history at Yonsei University in Seoul, where he wrote a thesis on the French Revolution.

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I spent more time studying engineering than history," Choi laughs during a Zoom conversation with Pangyo Techno Village, an office park he likens to South Korea's Silicon Valley. Since college, "pretty much everything I've done has been building technology platforms and content companies," he says.

That content could vary, “but the bulk of my job is thinking about boring technical stuff like account systems and security, how to handle traffic from around the world, and compliance — which is important for any type of platform. things to prepare for users [so they only see the fancy cover [of the product].”

Choi talked to Mashable about how Weverse intends to improve the fandom business, the challenges of large-scale moderation, artificial intelligence, and more. Mashable: In a recent interview with CNN (opens in a new tab), HYBE CEO Bang Si-hyuk said, “K-pop is not as popular in the market as you think... Looking at our export figures and growth ,

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growth is slowing down very clearly." I feel that K-pop is underselling when it comes to merchandising or attracting fans, K-pop has always been a strong market. Is that right? Jun Choi: Thank you for that, I feel the same way. Chairman Bang is obviously right when we see the latest numbers from some sources, but there are [various statistics] of Weverse monitors. A good indicator of growth is the number of users [who follow many artists on Weverse], and that number is only growing. It's

the trend we're seeing is that overall activity, interest, and attendance are only increasing. Si Hyuk also noted that he will have a stronger hand in managing "HYBE's labels and management companies in America" ​​as a means of further globalization and "increasing exposure" K-pop. What is Weverse's role in this?

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We don't limit our boundaries or fandom to just K-pop. We call our service a "fandom business" and you can be a fan of anything. We are really interested in the psychological mechanism of falling in love with something or someone. If there is a fan who is passionate about something or someone, we understand what they want and give them the complete package.

For artists, we are the best tool to get super fans and provide a monetization ecosystem. Do you explore this "psychological mechanism" of fandom when you develop an app and create new features? I am very happy that we are now at the stage of this.

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When Weverse launched in June 2019, a group of 30 talented people came together to create a minimum viable product, and when they launched it, the traffic grew like this [raises hand]. We had to measure, fix, release and iterate again and again in a very short period of time.

The platform was never perfect compared to what we really wanted to provide. We know what the fans want, but we're still behind it and have been trying really hard to catch up the last three years. Weverse currently has over 350 employees in Pangio, Santa Monica, Tokyo and Vietnam.

We have so many priorities that seem obvious that we don't need data to back them up. A great example is the combination of Weverse and [separate app] Weverse Shop. I will say that one of my biggest gripes is that I have to go to a separate app to make purchases.

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See, you know that, right? Obviously, you don't need analytics experts to tell you that. In combination, we can talk about the way to attract users and invest in the psychological aspects of monitoring user behavior in different regions, languages ​​or music genres. On consolidation;

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most K-pop bands have a branded light stick that syncs via Bluetooth with their own app. Will you be adding this capability to Weverse so that a separate app is not needed? We are working on adding this option, but it will be up to the artist and label.

Such a feature will be an advantage of consolidation. Another example is a feature we tested at a recent show for girl group Billlie. We added a small bar on the screen to encourage fans to purchase the album through Weverse. We plan to provide more customization for artists: if you want to make money, you can, but if you don't, you don't have to.

Twitter used to be a place where you could listen to artists and know what they were actually tweeting because their account was verified. Now that the verification is paid, this is no longer the case. Does this give Weverse a stronger market position as a proven platform for fan-artist engagement?

Everyone is asking me the same question, "When is Justin Bieber joining Weverse?" I've been hearing this question for a year since we bought Ithaca Holdings. Weverse is not the right platform for every artist as everyone has their own way of communicating with their fans.