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Hybe, the South Korean entertainment conglomerate, is best known for its roster of K-pop super-acts: BTS, Seventeen, Katseye, etcetera. But it’s equally notable for innovations. In 2019, Hybe’s then co-C.E.O., Lenzo Yoon, and Wooseok Seo launched Weverse, a novel social/streaming hybrid platform designed to leverage the parasocial obsessions of their audiences. Today, the bet is simple: Customers pay $24 to $48 a year for access to exclusive live events, merch, and album release parties. For Weverse’s most engaged users, however, the main draw has become the community itself.