HYBE’s social media platform Weverse seems determined to shake things up in the K-pop streaming space with plans to roll out a new paid membership tier on December 1st. However, not all are thrilled with the proposed changes, as some music labels and politicians have voiced concerns over mandatory participation and revenue-sharing terms.
According to a report from The Korea Herald, approximately 130 partner labels were informed that the upgraded Platinum membership would be compulsory for all artist communities hosted on Weverse. This top-level access provides offline perks, an ad-free viewing experience, and higher quality video streams. Where issues arise is in Weverse’s cut of subscription earnings, estimated to range from 30-60% depending on the membership level.
For smaller independent labels, surrendering such a sizable portion of profits to the platform presents difficulties. With streaming services and social platforms already nibbling away at revenues, losing additional income to Weverse’s Platinum take rates has sparked complaints. This discontent has now gained political backing, as Democratic Party representative Lee Jung-mun has called on the Fair Trade Commission to investigate Weverse’s terms.
Supporters point out that Weverse’s revamp aims to enhance the fan experience through perks while also increasing monetization opportunities for labels of all sizes over the long run. If executed properly, all involved could see mutual benefits from incentivizing fan loyalty and investment.
