Launched in June 2019 by BTS agency HYBE, Weverse has made a leap from the entertainment industry's IT barrenness to an undisputed global fandom platform. The company has recently recorded sales of over 200 billion won for two consecutive years and continues to grow. At the core of Weverse's growth is customer experience innovation. Whereas existing fandom activities were scattered across multiple channels, Weverse has reduced customer inconvenience by providing a 'one-stop service' that addresses fan communities, content consumption, and commerce activities on one platform. In addition, Weverse has enhanced the customer experience with online and offline mixed services, such as linking MD product purchases at offline concerts to the Weverse app and connecting fans' light sticks to the app in real time during online concerts.
"330.7 billion won."
This is an estimate of the direct economic impact generated by the 2019 BTS World Tour Seoul Final Concert.
This is an estimate of the direct economic impact generated by the 2019 BTS World Tour Seoul Final Concert.11Announcement by the research team led by Professro Pyun Ju-hyeon of Korea University's Business School, the economic impact of the BTS event: 2019 Seoul final Concert. 닫기 If you include the direct revenue generated by the concert, such as sales, audience accommodation and transportation expenses, and tourism spending, as well as indirect effects such as the impact of foreign audiences returning to Korea, the economic impact of the three-day BTS concert in Seoul is nearly KRW 1 trillion.
Despite being the driving force behind the 'fandom economy' that creates such huge economic value, fans have been underappreciated in the business world. Fans spend a lot of money to support their favorite artists by attending concerts and buying albums and MD products, but they are not treated as legitimate customers. Fans have endured inconveniences like waiting in line at dawn to purchase MD merchandise at concerts and navigating between portal sites, official fan cafes, and artists' personal social media accounts.
But HYBE didn't take for granted the customer frustrations that are prevalent in the music industry. They realized that improving their experience was the key to growing their business and revolutionizing the music industry. The solution to revolutionize the customer experience was a "one-stop shop" through the platform. They developed Weverse, a fandom platform where fans can engage in community activities, watch content featuring artists, purchase albums and MDs, and engage in commerce all in one place.
This content was translated into English by AI (using DeepL) from an article that was originally written in Korean in the DBR (Donga Business Review). Therefore, please understand that there may be some awkward expressions.
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