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BTS' Jin returned from the military on June 12, 2024, and held a 19-minute-long livestream on Weverse, which had over 3.5 million viewers in real time. South Korean media outlet Chosun Biz reported that Weverse aims to increase its Monthly Active Users (MAU) after the idol's return to the spotlight.
In the third quarter of 2023, the fan and idol interactive online platform raked in over 10.6 million active users, which saw a decline after the last four BTS members (RM, V, Jimin, and Jungkook) enlisted in the military in December 2023. Both Weverse (a HYBE subsidiary) and DearU bubble (SM Entertainment's subsidiary) platforms aim to introduce paid services and features for fans.
DearU bubble is set to introduce a one-on-one messaging service between fans and their favorite artists via a monthly subscription plan of 4,500 KRW ($3.23). Meanwhile, Weverse offers LIVE concert and performance streaming options for its paid subscribers. Jin's fan event on June 13 was live-streamed on Weverse, which was accessible for paid users.
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BTS Jin's popularity has already improved HYBE's share value and Weverse's Monthly Active Users
HYBE has been producing content such as solo albums and documentaries, pre-recorded by the BTS members before their respective enlistment. However, Weverse's Monthly Active Users (MAU) decreased from 10.6 million to 9.2 million in the first quarter of 2024.
Meanwhile, the BTS idol's 19-minute Weverse LIVE on June 12 had over 4.5 million views overall, and an additional 2 million viewers watched the recorded livestream later. The livestream resulted in the platform crash as millions of fans tuned in to watch Jin after 18 months. The Epiphany singer-songwriter had to resume the livestream, which made the news go viral online.
Jin's Wootteo x RJ collaboration special merch collection opened pre-orders on June 24 at 6 pm KST, and 12 out of 21 items went out of stock within a few minutes. The collection sale is set up on Weverse, similar to other BTS merchandise.
Weverse plays a major role in HYBE's global exposure, which accounted for a sale of 2 trillion KRW ($1.43 billion) in 2023. Weverse made an operating profit of 337.9 billion KRW ($242 million), a 10% increase from 2022's sales of 307.7 billion KRW ($221 million). Meanwhile, Chosun Biz reported that HYBE anticipates doubling its revenue with Jin's return and the arrival of his debut solo album this year.
Professor Seo Yong-gu from Sookmyung Women's University's Department of Business Administration mentioned to Chosun Biz that the demand to watch paid content would increase further once another super artist, such as another BTS member, returns from enlistment.
"The number of Korean Wave fans around the world is reaching an all-time high, reaching nearly 230 million last year (according to the Korea Foundation), mainly in North America, Western Europe, and East Asia. If the K-pop craze can continue, such as when it resumes or when another super artist appears, the demand to pay to watch related content may increase further. There is also room for the Korean Wave to spread to South American and Middle Eastern countries." as reported by Chosun Biz.
Furthermore, Jin's military discharge has already affected HYBE's share market value, which saw an increase of 2.79% on June 11, 2024, after a month-long decline due to its public dispute with Min Hee-jin (ADOR CEO).
