Two leading K-pop fandom platforms, Weverse, and Dear U bubble, are facing declining user numbers, a trend attributed to the hiatus of their flagship artist, BTS. Both platforms are devising strategies to reverse this downturn by introducing paid services and expanding into overseas markets. Fandom platforms are online spaces where users can consume various products and services related to their favorite artists while engaging in fan activities.
Weverse, owned by South Korean entertainment giant HYBE, saw its monthly active users (MAU) peak at 10.6 million in the third quarter of last year. However, this number has steadily declined to 10.1 million in the fourth quarter and 9.2 million in the first quarter of this year. Despite HYBE’s efforts to release solo albums and documentaries to compensate for BTS’s military service hiatus, these measures have not fully mitigated the decrease in user activity.
Expectations are building within the company for a rebound in the second quarter, fueled by the return of Jin, BTS’s eldest member, who completed his military service on June 12. Last year, Weverse’s success was pivotal in HYBE, achieving a record-breaking 2 trillion won annual revenue. The platform plans to introduce Weverse Membership, a fandom subscription service, in the third quarter, with the aim of profitability.
Dear U bubble is also experiencing stagnation, with subscription numbers plateauing at 2.3 million for the past three quarters. Although new artists, including Blackpink’s Jisoo, joined the platform in March, the departure of others due to military enlistment and agency changes has offset potential growth.
Zerobaseone’s bubble service, which debuted last year through Mnet’s global boy group project Boys Planet ended in April, raising the possibility that the subscriptions will stagnate or decline in the second quarter.
Dear U launched Bubble for Japan on April 4 to diversify its revenue streams, marking a significant push into the global market. The service, a joint venture with Japanese fan platform operator M-up Holdings, started with ten artists, including the popular band Mrs. Green Apple. The partnership is expected to leverage M-up Holdings’ 300 intellectual properties (IP) to gradually expand the service’s offerings.
Experts remain optimistic about the long-term growth of fandom platforms. Suh Yong-gu, a business administration professor at Sookmyung Women’s University, said, “The number of Hallyu fans around the world is at an all-time high, reaching nearly 230 million last year, particularly in North America, Western Europe, and East Asia.”
“If the K-pop craze continues with the BTS’s full return or the emergence of another major artist, the demand for paid content will likely increase,” Suh said. “There is also potential for the Korean Wave to expand into South America and the Middle East.”
