Weverse boss Joon Choi: ‘The potential for growth in the superfan business is limitless.’

MBW’s World Leaders is a regular series in which we turn the spotlight toward some of the most influential industry figures overseeing key international markets. In this feature, we speak to Joon Choi, President of Weverse, a superfan and D2C platform owned by HYBE… in which Universal Music Group has now invested. World Leaders is supported by PPL.

Joon Choi joined the Weverse Company in 2021 with one key goal: “Build the ultimate fandom platform”.

Three years on, Weverse – owned by Korean music giant HYBE and originally launched in 2019 – is a key case study for what can be achieved with a ‘superfan’-serving music product.

In case you’re unfamiliar with Weverse: It enables artists to deliver content direct to fan communities – from music videos to text messages, live streams, albums, and even movies.

Weverse also makes serious money… mainly via its e-commerce arm, Weverse Shop, which sells everything from exclusive merch to books, photos, and annual fan-club memberships.

(In HYBE’s FY 2023, revenues generated by the company’s ‘Fan Club etc’ business line, including Weverse, grew 35.9% YoY to USD $69.7 million.)

Last year, Weverse surpassed 10 million monthly active users, and 113 million lifetime downloads.

Those active users, says Weverse, spent an average of four hours (246 minutes) per month on the platform in 2023 (see below).

Joon Choi explains that the concept for Weverse originally “came from a crucial observation” of the K-pop industry, at a time when “fan engagement was fragmented” across different platforms.

He says: “Weverse came along and changed the scene. We became the ultimate fan hangout spot, fans chat, watch streams, and purchase official merch, all within a single superfan platform.”

According to Joon Choi, with its vast reach and varied content services for artists, Weverse has now “helped HYBE pioneer a revolutionary music industry multiverse”.

You can see why Universal Music Group, with ‘superfans’ as one of its top priorities in 2024, has just invested directly in Weverse, as part of a new 10-year partnership between UMG and HYBE.

(A recent MBW Reacts article asked if Weverse could offer a template for Universal’s courting of ‘superfans’ in 2024; it will be interesting to see where that possibility now leads.)

Speaking of Universal… its labels have already introduced a handful of their acts to Weverse’s fan communities.

Thanks to an experimental deal inked between Weverse and UMG in 2020, Universal artists now on Weverse include the likes of Gracie Abrams (Interscope), Conan Gray (Republic), Jeremy Zucker (Republic), and Alexander 23 (Interscope).

The biggest artists on Weverse, though, continue to have their roots in K-Pop.

Today, they include stars from HYBE’s own affiliated roster (Jung Kook, NewJeans, Tomorrow X Together, Seventeen etc.), plus stars from YG Entertainment (Blackpink, BabyMonster, Winner, Lee Soo Hyuk etc.).

And since 2023, Weverse has also hosted acts repped by HYBE’s fierce competitor, SM Entertainment (including EXO, Red Velvet, and aespa).

In fact, according to Weverse, 90% of the 120 artists currently on its platform are signed to labels other than HYBE.

Joon Choi tells MBW that Weverse has more artist additions in the pipeline, particularly from the US: “We are all about advocating platform neutrality,” he says.

While he declines to divulge specific names, he shares that Weverse has “extensive plans to expand [its] artist roster, including both established superstars and promising rising talents across various regions and genres”.

Adds Joon Choi: “Having superstars join our ultimate superfan platform would undoubtedly be very fascinating. However, what truly excites me is the prospect of witnessing emerging artists leveraging Weverse to ascend to even greater heights of stardom.”

In addition to expanding the artist content available on the platform, Weverse is looking to expand its user base in key markets in 2024.

Those key markets include North America and Japan, says Joon Choi – who, prior to joining Weverse/HYBE, worked in senior roles at video game firms NCSOFT and Nexon, plus Pinkfong, home to Baby Shark.

Below, MBW sits down with Joon Choi to discuss Weverse’s growth, the “crucial opportunity” it offers artists in North America – and why he believes music’s superfan space is still largely untapped…

Weverse’s user base grew to over 10 million MAUs in 2023. To what does the app owe its growth?

As you pointed out, Weverse has been on quite a journey. We now reach fans in 245 countries and regions, and we hit over 10 million monthly active users in June 2023, and 100 million downloads by July 2023.

The sudden surge in these numbers can be narrowed down to two key factors. First, the continuous addition of new artists. Notably, the platform has welcomed not only major domestic artists such as those from SM Entertainment but also non-Korean international talents, effectively diversifying their appeal and helping us reach a wider audience.

“The platform has welcomed not only major domestic artists such as those from SM Entertainment but also non-Korean international talents, effectively diversifying their appeal and helping us reach a wider audience.”

The second factor driving our growth is how we’re constantly improving our services. It’s not just about adding artists – it’s about making the Weverse experience seamless for everyone. We have been busy making major upgrades. For example, we added multilingual subtitles so that no matter where the users are from, they can enjoy all the content.

We also have services like Weverse LIVE for live streaming and Weverse DM, a subscription-based private messaging service between artists and fans. We also made it a whole lot easier to buy merch with Weverse Shop, and introduced personalized official merch service, Weverse by Fans. Such improvements present many monetization opportunities for artists as well.

Looking ahead, Weverse remains dedicated to further enhancing its services for both artists and fans worldwide. We’re on a mission to keep raising the bar and providing top-notch experiences that cater to everyone’s different tastes and preferences.

There is a lot of talk in the music business right now about superfan experiences. What are your views on the potential for the artist and superfan relationship in the wider market?

From streaming to gaming, crowdfunding and ticketing, different industries have begun to adopt services catered for fandom and superfans. However, many of these platforms still offer fragmented fan services, offering bits and pieces of what superfans want. They may be great at what they do in their fields of expertise, but when it comes to serving superfans, there’s no service comparable to Weverse.

We’re also giving artists the tools they need to own their content and connect with their fans. It’s all about nurturing those superfans – the ones who go above and beyond for their favorite artists.

“When it comes to serving superfans, there’s no service comparable to Weverse.”

We’re talking about direct communication, exclusive experiences, and developing relationships with them. We know this will drive artist’s success in the long run. Weverse will continue to work alongside artists and labels to explore different business areas to further enhance this direct-to-fan communication.

Superfans are always craving unique experiences and exclusive content delivered in real time. Whether it’s live shows, exclusive content, or personalized merch, we’re making sure fans get exactly what they need and want. This means that we need to provide a variety of options, including paid services.

Weverse plans to add new Western artists and global acts to its roster, having previously added US-based artists such as Gracie Abrahams to the app. What has the response been like to these artists’ Weverse channels from fans in terms of engagement?

Just as artists vary in their engagement across other social media platforms, they utilize Weverse in various ways. Keeping this in mind, we’re currently gearing up to revamp and enhance the service to cater to artists beyond the realm of K-pop.

The number of artists entering Weverse from Japan and the US has been only expanding, and it’s interesting to see how their respective expectations of the platform differ. Some are keen on utilizing on targeting their Asian fanbase, others want to promote their upcoming tour, while some are all about using the instant live communication feature or boosting profits with customizable merch sales.

“Given that US and Japanese artists are not accustomed to the ways of how K-pop artists cultivate their superfans, we aim to find the sweet spot and figure out the best recipe that works for everyone, ultimately helping them maximize their fanbase globally.”

For instance, New Hope Club utilizes live streaming on Weverse to promote their latest album, while Jeremy Zucker wowed fans at the 2023 Weverse Con festival, on-site. And the fans are loving it, rolling out the red carpet with hashtags like #WELCOME_ARTIST_NAME as each new artist joins Weverse. It’s all driving engagement, as proven by a strong in-app retention metric, an average visit of 10 days per month.

As we continue to enhance the service, we acknowledge that there is still much to learn in providing the ultimate platform for all artists.

Given that US and Japanese artists are not accustomed to the ways of how K-pop artists cultivate their superfans, we aim to find the sweet spot and figure out the best recipe that works for everyone, ultimately helping them maximize their fanbase globally.

BTS helped Weverse to take off. Is it possible to replicate the success BTS has seen on the app with a Western artist?

Absolutely, as fandom psychology is universal. However, it’s important to understand that not every artist will benefit equally from this approach.

Artists who authentically share their unique stories and consistently communicate with their fans are more likely to cultivate dedicated superfans. Building a lasting connection with fans beyond just their artistic output is crucial for all artists.

“Weverse presents a crucial opportunity to foster superfans beyond [artists’] home turf, tapping into a broader audience and expanding their reach in unprecedented ways.”

In this regard, Weverse emerges as a powerful tool. Particularly for artists based in North America, Weverse presents a crucial opportunity to foster superfans beyond their home turf, tapping into a broader audience and expanding their reach in unprecedented ways.

Artists are required to be active across multiple social platforms today. how do you convince especially superstar artists to prioritize content for a superfan app such as Weverse?

Social media undoubtedly is one of the best tools for raising awareness as validated by large metrics, but it’s also competitive, exhausting, and at times, it has its way of displaying manipulated metrics. Therefore, the value of the metrics translating into meaningful outcomes is extremely difficult. That’s where understanding your superfans comes in.

These people aren’t just casual followers; they’re the ones who enthusiastically follow and resonate with the artists’ work. And the beauty of it is that they’re more than willing to invest in supporting the artists, both emotionally and financially.

When it comes to expanding your fanbase and really connecting with your audience, it’s all about having the right tools. Weverse provides this for artists.

“If you’re an artist looking to up your fan engagement game, Weverse will most likely be your ultimate solution.”

With over 100 million downloads, the data on their fanbase is compiled in the form of a fandom dashboard called Weverse Insights. Artists and labels can then view and utilize their fandom metrics and trends in a more organized manner. Based on this data, they can provide customized services and content based on their fans’ trends and preferences, which leads to various monetization opportunities. So if you’re an artist looking to up your fan engagement game, Weverse will most likely be your ultimate solution.

Another thing that sets Weverse apart is that it provides a cozy haven where artists and their superfans can seek genuine connection without all the noise and negativity you might experience on other platforms. We also work behind the scenes to keep the environment safe. With AI-based filtering for video, image, chat, and malicious posts, we’re all about creating a space for everyone to feel at home and enjoy those intimate interactions.

That’s why Weverse is such a game-changer. Beyond just raising awareness, it empowers artists to truly understand and engage with their superfans in a way that’s distinct from communicating with the general public.

I understand that deals in the K-pop business often see music companies participate in every income stream in the artist’s business, from live to publishing rights, recorded music rights, and more. That’s not always the case with American artists.

We understand that the music market ecosystem varies significantly from one region to another, as well as the fact that fandom behavior differs across genres.

In the US market where revenue traditionally stems largely from song/album sales and touring, Weverse strategically focuses on seizing extra opportunities like online streaming, merchandise pickups, exclusive content, VODs, and digital albums.

“While there may be some differences according to the region or culture, it all boils down to the artist. Once the artist is committed to building a dedicated fanbase, that’s where the whole fandom business kicks off.”

We firmly believe that in order for artists to expand their global reach, it is imperative for them to continuously enhance and offer a multitude of such digital benefits for fans.

While there may be some differences according to the region or culture, it all boils down to the artist. Once the artist is committed to building a dedicated fanbase, that’s where the whole fandom business kicks off. There are countless opportunities out there beyond the conventional relation of rights.

We’re yet to see a dedicated superfan app built for/by just one superstar artist really take off. In your view, Could an individual artist’s app ever succeed on the level of Weverse’s current reach – For example, a standalone BTS app, or a Taylor Swift app? And could Weverse’s technology ever be used for this purpose?

If you’re an all-time legendary artist with hundreds of millions of fans, developing your own fandom app might be an option. However, I’m not sure whether investing hundreds of millions of dollars in technology every year would be as efficient for a single artist.

In fact, the scenario of building multiple apps with Weverse’s technology has been around for a long time, which I think might be reasonable. I understand that some artists want to build their own space that is completely independent.

However, this has a lot of limitations depending on the perspective. From the fans’ viewpoint, being confined to artist-specific silos can be inconvenient, as there is an inconsistency in experience across various silos. Moreover, if the artists were to prioritize superfans, collaborating in a collective platform could generate a snowball effect, which I believe would be more advantageous both commercially and operationally.

What would you say to an artist thinking about launching their own fan app?

That’s like an engineer trying to compose a song to promote his/her own app. So, I wouldn’t recommend it.

An artist’s superfans are scattered worldwide, which is why providing seamless service across regions is crucial for enhancing customer experience and managing these dedicated supporters effectively.

We’ve made significant investments to ensure stable services, including the establishment of Weverse Japan in June 2022 and Weverse America in July 2022. Continuously, we’re prioritizing service development, infrastructure installation, and localization, tailored to each region’s needs.

“An artist’s superfans are scattered worldwide, which is why providing seamless service across regions is crucial for enhancing customer experience and managing these dedicated supporters effectively.”

It’s not just about online infrastructure. Offline infrastructure plays a pivotal role as well. To meet superfans’ merchandise needs, Weverse Shop’s merch service boasts its own capabilities, featuring logistics centers in key regions like the United States and Japan, a robust global delivery system, and support for local payment methods.

What sets us apart is our extensive in-house technical team, making Weverse the only company in the fandom-based services industry with such a large internal staff dedicated to technical expertise.

A few years ago we saw what had the potential to become a widely used superfan platform with Apple Music Connect (formerly Topspin), which was discontinued. Do you think there are opportunities to be learned from Apple Music’s launch and then shuttering of that service?

Thank you for asking this question. It’s a very important topic that I’ve always thought about addressing at some point.

The success of many popular services boils down to their clear-cut purpose and their ability to excel in it. Customers are used to that laser-focused purpose, and so naturally it can feel a bit off when the service starts branching out into other areas.

Going back to your original question, Apple Music started as the iTunes Music Store, a whopping 23 years ago. That platform completely shook up the digital music scene, and it was all about one thing: listening to music.

But then they tried out this new feature called Apple Music Connect which was gone not much after it was first introduced. Connect isn’t the only service that has come and gone within iTunes which is why we should take a close look at what services worked and what didn’t.

Now, let’s talk about Weverse. It kicked off as this community hub for superfans, and customers of the app wanted it all — merch, exclusive content, and connections with each other. There are still unmet needs from our users that are waiting to be fulfilled.

Spotify recently suggested that ‘superfan clubs’ could be coming to its platform. What are your views on the role that streaming services could potentially play in the superfan economy?

I’ve long believed that streaming services are inevitably headed in this direction, given their business structures.

Take the example of Apple Music Connect mentioned earlier. When expanding into areas divergent from the original purpose of the service, it’s crucial to carefully redesign behavioral changes to avoid customers feeling uncomfortable.

“I’ve long believed that streaming services are inevitably headed in this direction, given their business structures.”

Moreover, while features added to existing services can be beneficial, they inherently fail to address the issue of scattered superfans’ activity. In the end, it depends on how effectively each service can steer consumer behavior toward the desired outcome.

What are your predictions for the superfan economy in the months and years to come?

I think being a fan of someone/something, loving an IP, and loving an artist is a universal emotion, so the potential for growth in the superfan business and economy is limitless.

The key is to be able to fulfill the needs of fans and artists, not only in K-pop but also in other genres in the future, and the platform that best does that will lead the market.

What are your predictions for Weverse’s growth and positioning in the music business in the coming months and years?

Weverse was born in the music industry, not in I.T., and we’re sticking to our musical roots. But now, we’re all about more than just music. We’re crafting a world with holistic, immersive experiences for artists and superfans.

Weverse is committed to enhancing the experience for global superfans. We’re actively working on providing multiple languages to facilitate seamless communication, integrating services for convenient fan activities, creating interactive spaces to strengthen artist-fan connections, and bridging online and offline experiences.

“We’re crafting a world with holistic, immersive experiences for artists and superfans.”

With ongoing enhancements, including data-driven advancements, we aim to introduce a range of monetization opportunities for artists and labels.

Our focus will always remain on optimizing the app to adapt to the evolving superfan landscape, while expanding our platform to cater to the diverse needs and tastes of artists and fans in various genres.