International journal of advanced smart convergence

The Institute of Internet, Broadcasting and Communication (한국인터넷방송통신학회)
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A Study on the Business Model of a Fan Community Platform 'Weverse'

  • Song, Minzheong (Department of Media Communication & Advertising, Hansei University)
  • Received : 2021.11.15
  • Accepted : 2021.11.22
  • Published : 2021.12.31
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Abstract

We look at the business model development of a fan community platform 'Weverse' from two-sided platform (TSP) to multi-sided platform (MSP) and investigate its platform business model. From the Rocket Model's theoretical perspective, the results reveal that Weverse firstly focuses on inviting artists as many as possible starting from BTS, then attracts new artists' fans naturally. For success of this TSP, it forms MSP, 'Weverse Shop' to meet two sides' relevant needs timely and filtered. In third stage of connection, various partnerships are attempted in terms of open platform strategies. For instance, by combining 'VLive' and Weverse, Naver's fan platform business is transferred to Weverse. For core transaction through direct and indirect monetization, several cobranding activities are tried. Lastly, regarding optimization, newly born Weverse being launched in the first half of 2022 is supposed to create further synergies with Naver's R&D capabilities in data, AI, and other technologies like metaverse platform 'ZEPETO' which already sells clothing items of Weverse artists.

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