Expansion of the HYBE creator economy with the new THEUS superfan app

Binary Korea, a subsidiary of South Korean entertainment giant HYBE that specializes in tech R&D including Web3 and blockchain, is launching a new fan platform for creators called THEUS.

Scheduled to launch on June 22, the platform is a joint venture between Binary Korea and a Korean digital entertainment company. Sandbox Network.

Binary will handle app development, while Sandbox will be tasked with developer-related management, including onboarding.

Each creator will have their own “space” dedicated to THEUS.

Within these spaces, creators can upload content, engage directly with their fans through comments, live streaming, and interactive features.

The new THEUS app feels very similar to the existing HYBE The Weverse a superfan forum for artists and their fans.

In addition to aggregating artist-related content such as music videos, teasers, movies and live streams, Weverse also operates a sales platform called Weverse Shop, a music player called Weverse Albums, and a K-Pop-centric music publication. called the Weverse. Magazine.

Weverse has become very popular with K-Pop fans over the years and was cited by HYBE as the key to its success during the pandemic.

However, recently, and absent BTS (as the members continued their mandatory military service), Weverse saw the 18.3% YoY decreased revenue in the first quarter of 2024 to KRW 143.94 billion ($104.8 million).

Field MAUs also fall into it 9.2 million at the end of Q1 against 10.1 million Monthly Active Users at the end of Q4 (three months to the end of December).

However, as BTS members begin their military comeback, the app could see a significant comeback in the coming months.

According to local media reports, the app crashed yesterday (June 12) when BTS member Jin held his first live broadcast event after being discharged from the military earlier this week.

Weverse also hosts more content from artists signed to labels other than HYBE to attract more users. According to Weverse, 90% of the 120 artists currently on its site signed to HYBE.

Weverse boss Joon Choi told MBW in an exclusive interview in March that Weverse “has extensive expansion plans [its] a list of artists, including both established superstars and emerging talents from all regions and genres. “

Weverse and Universal Music Group entered into a pilot agreement in 2020, which saw a number of UMG artists working on the Weverse platform, including the likes of Gracie Abrams (Interscope), Conan Gray (Republic), Jeremy Zucker (Republic), and Alexander 23 (Interscope).

In March, HYBE entered into a long-term extended agreement with World Music Group (UMG), which will see UMG invest in Weverse. Sources told MBW that UMG has made a small investment in Weverse as part of the new alliance.

On Wednesday (June 12), representatives of the famous singer Ariana Grande confirmed to MBW that the singer is about to join Weverse.

(A recent MBW Reacts article asked if Weverse could provide a dating template for Universal’s “superfans” in 2024.

Following the news about the new THEUS platform, it will be interesting to see if HYBE can replicate the Weverse template in other fields close to the msuic industry.

“THEUS will continue to welcome more creators and introduce new features based on their feedback. We look forward to THEUS growing into a successful playground for creators and fans.”

Sungmin KimBinary Korea

The new THEUS platform already has a beta testing phase since March, attracting more 20,000 users and a list of Korean creators like Dotty, Yell sister, Ddo_Ddo Couple, Anunu, again Ang Zing.

With the official launch, 10 additional creators, incl CheezeFilm, Just1min, again Shin Sajangare slated to join, extending the total list of creators to 120.

“THEUS will continue to welcome more creators and introduce new features based on their feedback. We look forward to THEUS growing into a playground for its creators and fans,” he said Sungmin KimCEO of Binary Korea.

Music Business Worldwide