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If U.S. gymnastics superstar Simone Biles were to perform her triple-twisting double backflip to Taylor Swift’s “…Ready For It?” at the Paris Olympics, as she did at the trials in late June, NBC almost certainly won’t need a costly special license to air the track live. NBC pays performing rights organizations ASCAP, BMI and SESAC for blanket public-performance licenses, and the PROs distribute the royalty payments to their hundreds of thousands of members, such as songwriters, publishers and composers, from Paul McCartney to Dua Lipa to Swift herself.
These payments can add up to big money: The 2020 Olympics drew more than 3 billion viewers, a key factor in determining performance-royalty payments. “The larger the audience for the broadcast will generally result in a higher royalty,” says an ASCAP spokesperson.

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For the live TV broadcast, or online live-streaming, the blanket licenses cover all the necessary song rights — foreign PROs pay for the foreign TV broadcast rights and U.S. PROs pay for the U.S. rights. It gets trickier if NBC decides to use the song later, in a delayed broadcast, highlight video or some kind of YouTube-style on-demand streaming. In such cases, says Joy Butler, a Washington, D.C., entertainment and digital-technology attorney and author of The Permission Seeker’s Guide Through the Legal Jungle, NBC might need a separate synch license, negotiated with a publisher.

“But NBC might have reasons to not obtain that sync,” Butler adds. “They’re reporting on the Olympics, which is a newsworthy event. That gives them excellent reasons to rely on fair use.”

Fair use refers to a U.S. copyright doctrine in which a journalist can air snippets of a recorded song in the context of reporting a news story, or quote lyrics while reviewing a record. If an NBC news report on Biles’ Olympic performance picks up a bit of “…Ready For It?,” that may qualify, but NBC would have to tread carefully. “Fair use is very fickle,” Butler says. “The cases kind of go both ways. So you have to do risk assessment if you’ve got music in the background, and you’ve got a taped version which is delayed or on demand.”

TV producers tend to be disinclined to contact rightsholders and negotiate new (and perhaps costly) new licenses when using a song in the background of a recorded video, Butler says: “It absolutely happens that producers will err on the side of caution, and not have the music playing, just have the video run without the audio.” An NBC spokesperson declined to comment for this story. 

This royalty-paying system can be cumbersome, but public venues such as the Bercy Arena in Paris and broadcasters such as NBC are used to it. “This is the same system that is in place for all audio-visual programming, including other sports events,” says the ASCAP rep.

Universal Music Group (UMG) got a boost from physical sales in the second quarter, but the conversation during Wednesday’s earnings call was mostly focused on streaming. Subscriptions, which accounted for more than half of total recorded music revenue, were a key factor in the company’s 8.7% revenue growth in the quarter. Even so, UMG’s streaming business is not firing on all cylinders. Ad-supported streaming continues to show weakness and UMG revealed that Facebook no longer licenses its premium videos.
CEO Lucian Grainge said the industry has entered “the next phase” of the streaming and subscription business, one characterized by collaboration with streaming companies to produce new products and allow artificial intelligence to allow artists to sing their music in different languages. “The amount of work, win-win dialogue [and] creative discussions that are going on between us is really extremely exciting,” he said. 

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Here’s what else you should know about UMG’s most recent quarterly earnings and what was said on the call. 

Streaming is growing — unevenly 

Although UMG’s recorded music subscription revenue improved 6.5%, not all subscription platforms are performing equally well. CFO Boyd Muir cited a “slowdown in subscriber growth at certain platforms” while noting that Spotify, YouTube “and many regional and local platforms” continue to show healthy growth. Generally, UMG is optimistic about the overall marketplace’s ability to find new subscribers. Michael Nash, executive vp of digital strategy, said UMG’s consumer research has identified 180 million consumers from the top 19 territories “that will form the next wave of subscription adoption,” even taking into account price increases.   

“Other” streaming revenue dropped 3.9% in the quarter, which Muir attributed to a decline in ad-supported streaming and some platform-specific issues (see Facebook below). UMG warned of weak ad-supported streaming last quarter, and Muir said UMG needs to see “broad-based improvement across multiple partners and geographies over a longer timeframe before we’re ready to adopt a less cautious view.” 

Meta is no longer licensing UMG premium videos for Facebook 

Another reason for a slowdown in non-subscription streaming revenue was Facebook’s departure from music videos. “Meta had previously offered previous music videos on Facebook,” Muir explained. “This product offering was less popular with Facebook’s user base than other music products, and as a result, Meta is no longer licensing premium music videos from us. As of May of this year, Meta is now focusing instead on other areas involving music content, and we are working together to expand these areas as part of a multifaceted renewal.” Showing premium videos is not the only aspect of Meta’s licensing agreements with labels, however. As Billboard has previously reported, Meta reached a licensing deal with UMG in 2017 that allowed UMG’s repertoire in user-uploaded videos on Facebook, Instagram and Messenger. And a deal reached in 2020 allowed users to add songs from UMG’s catalog to videos on Facebook’s gaming platform.  

The noncontroversial Spotify bundle controversy 

After Spotify began offering both music and audiobooks, the company asserted it can pay a discounted “bundle” royalty rate to publishers and songwriters for premium streams. When asked about the audiobook bundle controversy on Tuesday, Spotify CEO Daniel Ek described it as a not-unusual disagreement between counterparts. “That’s the nature of all supplier and distributor relationships,” he said during the company’s earnings call. UMG had a similarly unsensational response when asked about the bundle controversy. Rather than feeling cheated out of royalties, Muir said UMG “[is] confident our revenue participation reflects the value our artists and our music is bringing to their platform.”

UMG invested 519 million euros ($562 million) in the first half of 2024 

Three transactions accounted for 450 million euros ($487 million) of investments in the first half of the year: a majority stake in Nigerian label Maven Global; an investment in Complex; and a $240 million investment in Chord Music Partners, a joint venture of KKR and Dundee Partners that owns over 60,000 copyrights. UMG spent 96 million euros ($104 million) on catalog acquisitions in the half-year, including 75 million euros ($81 million) that had been sitting in an escrow account.   

Billboard’s peer-voted Latin Power Players’ Choice Award is back for 2024 and asking music industry members from all sectors to honor the executive they believe had the most impact across the Latin genre in the past year.  Explore See latest videos, charts and news See latest videos, charts and news Voting is open to all […]

Taylor Swift’s The Tortured Poets Department, strong gains in publishing revenue and a jump in merchandise sales propelled Universal Music Group (UMG) to solid revenue growth in the second quarter of 2024.
Despite a fall in ad-supported streaming that hampered streaming revenue gains, UMG’s overall revenue rose 8.7% to 2.93 billion euros ($3.16 billion at the quarter’s average exchange rate), the company announced Wednesday (July 24). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 17.4% to 580 million euros ($624 million) and EBITDA margin improved 1.1 percentage points to 19.8%. EBITDA was helped by revenue growth and cost savings from layoffs announced earlier in the year, though those benefits were partially offset by an increase in lower-margin revenue from merchandise and physical sales. 

In the recorded music segment, revenue grew 5.8% to 2.2 billion euros ($2.37 billion). Subscription revenue improved 6.5% to 1.14 billion euros ($1.23 billion) while other streaming revenue dropped 4.2% to 343 million euros ($369 million). Overall, streaming revenue fell 4.2% due to slower growth at ad-supported platforms and the timing of deal renewals.

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Subscription growth was slowed by two factors, CFO Boyd Muir said during the earnings call. First, price increases in 2023 provided a boost a year ago. Second, while Spotify, YouTube Music and “many regional and local platforms” have continued to show strong growth, some other subscription services “have been less successful in driving global adoption.” 

Physical revenue rose 9.5% to 357 million euros ($384 million) thanks to releases by Swift and Billie Eilish, which helped offset a tough comparison against a strong quarter in Japan for physical sales in the prior year, said Muir. Licensing and other revenue climbed 18% to 315 million euros ($339 million). Download revenue fell 21.3% but amounted to just 48 million euros ($52 million). 

At Universal Music Publishing Group, revenue rose 10.1% to 511 million euros ($550 million). Digital revenue rose 17.8% to 311 million euros ($335 million) and accounted for most of publishing’s gains. Performance royalties improved 3.1% to 100 million euros ($108 million), while synch royalties grew 1.7% to 61 million euros ($66 million) and mechanical royalties fell 10.3% to 26 million euros ($28 million). 

Of the 15 different songs to reach No. 1 on the Billboard Hot 100 this year, UMPG had songwriters n 13 of them, which CEO Lucian Grainge called “an extraordinary achievement.” 

Merchandising revenue jumped 44.6% to 227 million euros ($244 million) due to higher direct-to-consumer sales and gains in touring merchandise sales. Muir credited tours by Olivia Rodrigo, The Rolling Stones, Nicki Minaj, 21 Savage and Morgan Wallen for that growth.

Topline results for Q2:

Total revenue of 2.93 billion euros ($3.16 billion), up 8.7%. 

EBITDA: 580 million euros ($624 million), up 14.9%.

Recorded music revenue of 2.2 billion euros ($2.37 billion), up 6.8%.

Recorded music subscription revenue of 1.14 billion euros ($1.23 billion), up 6.5%.

Recorded music other streaming revenue of 343 million euros ($369 million), down 4.2%.

Publishing revenues of 511 million euros ($550 million), up 10.1%. 

Merchandising revenue of 227 million euros ($244 million), up 44.6%. 

Billboard’s peer-voted Latin Power Players’ Choice Award is back for 2024 and asking music industry members from all sectors to honor the executive they believe had the most impact across the Latin music genre in the past year.  Voting is open to all Billboard Pro members, both existing and new, with one vote per member […]

Latin music is the fastest-growing core music genre in the U.S., according to Luminate’s 2024 Midyear Music Report, released last week. And the power driver behind the growth is regional Mexican music.
When ranking by share point growth for the first half of 2024 compared to the first half of 2023, Latin music outpaced genres like country, pop and rock. Latin — which is not a genre per se, but is the name given to music performed predominantly in Spanish — registered a 15.1% growth in on-demand audio streaming volume. This resulted in a total share point growth of 0.51% for the first half of 2024, far more than rock and pop (whose share growth was less than 0.3%) or country and Christian (with a less than 0.2% share growth).

Latin music’s growth has been fueled by two major factors. One is the growth of regional Mexican music, which is now the largest Latin subgenre in the U.S. The other is the fact that new music releases are streamed at a far bigger scale in Latin than in any other genre of music, suggesting that young Latin listeners are over-consuming music, a fact that has been measured by Luminate in different Latin countries before.

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Luminate

Courtesy of Luminate

According to Luminate, on-demand audio streams of regional Mexican music for the first half of 2024 stood at 13.2 million streams. That was more than Latin pop (12 million streams), Latin rhythm (10.8 million streams) and Latin tropical (2.4 million streams).

When looking at Luminate’s comparison of the “release age” composition for genre, Latin’s consumption of current music — music released within the prior 18 months — outpaces all other genres significantly. Latin genre streaming leans the most current at 35%, followed by country at around 30%. In comparison, R&B/hip-hop current streaming is at 25%. By the same token, deep catalog streaming — defined by Luminate as music older than 60 months — is lowest for Latin (close to 40%) when compared to other genres; in rock, for example, 70.5% of streams come from music older than 60 months.

The stats for Latin music are even more remarkable considering that 32% of its streams come from ad-supported on-demand video or audio, more than all other genres. This means the number of average streams needed to equal an album equivalent is higher for Latin than for other kinds of music, whose streaming consumption of premium streams is higher.

Regional Mexican, which encompasses a broad range of Mexican music subgenres, including norteño, banda, mariachi and corridos, had been the leading subgenre of Latin music in the U.S. for decades, in part because people of Mexican descent account for the vast majority of the Latin population in the country. According to the Pew Research Center, in 2022, there were approximately 37.4 million people of Mexican origin living in the United States, making up nearly 60% of the country’s Hispanic population, a percentage that’s remained relatively unchanged for decades.

Luminate

Courtesy of Luminate

But when reggaetón took over Latin music’s charts 20 years ago, the popularity of regional Mexican declined. Now, fueled by an infusion of brash new acts, regional Mexican is dominating charts and consumption.

According to Luminate, four Latin artists earned more than 100 million U.S. on-demand audio streams through the first half of 2024. Outside of Bad Bunny, who is the No. 1-streaming Latin music artist overall, those other three were Regional Mexican artists: Peso Pluma, Fuerza Regida and Junior H.

The growth of regional Mexican in the U.S. reflects a broader international trend. According to the report, Mexico is the top country to grow in global audio streaming share (based on artist country of origin), jumping from 5.29% in 2023 to 6.03% in 2024.

This suggests the base of Mexican music, and Mexican fandom, is not only strong, but has vast room for growth, continuing to fuel consumption in the U.S. and beyond.

Tones And I is the latest addition to the lineup of speakers for Bigsound 2024, Australia’s music industry summit and showcase event.
A one-time busker who was discovered performing in Byron Bay and landed a global smash with “Dance Monkey,” Tones will discuss her vibrant musical journey for an in-conversation with Australian TV personality Myf Warhurst.

Since she unleashed “Dance Monkey” in 2019, Tones (real name Toni Watson) has smashed records with monotonous regularity. The track ruled the ARIA Singles Chart for an all-time record 24 weeks, and held top spot on the Official U.K. Singles Chart for 11 weeks, a record for a solo female artist.

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Earlier this year, “Dance Monkey” clocked three billion streams on Spotify, making her the first female artist to pass that threshold.

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Written by Tones and recorded with Brisbane producer Konstantin Kersting, “Dance Monkey” ruled charts in at least 30 territories and crashed the Billboard Hot 100, landing at No. 5 and securing for Tones top spot on Billboard’s Hot 100 Songwriters Chart. Earlier this year, Tones opened for Pink on the U.S. pop superstar’s Summer Carnival Tour, which sold 970,000 tickets (second only to Ed Sheeran’s Divide tour) and played to 20 stadiums — a national record for a single tour.

Also announced today (July 24), Garrwa and Butchulla songman Fred Leone will deliver a Bigsound keynote on the importance of honoring his role as a custodian of his tribe’s traditional songs, while Emily Copeland, the Australian Broadcasting Corporation’s new head of music, will deliver her own keynote, recounting her career in media and how its future will connect with the Australian music landscape.

They join the daytime conference lineup that includes previously-announced speakers such as Kelis, Amy Taylor, singer with Amyl and The Sniffers; VibeLab co-founder Lutz Leichsenring; Billboard’s Lyndsey Havens; Vinyl Group CEO Josh Simons; and Music Venue Trust CEO Mark Davyd.

Meanwhile, ARIA Award-nominated indie band Beddy Rays is added to the 120-strong bill of homegrown showcase acts, joining the likes of Stand Atlantic, Miiesha, JUNO, Keli Holiday, Sly Withers, Alex the Astronaut and many more.

Set for Sept. 3 – 6 in Brisbane, the 2032 Olympic city, Bigsound’s day-and-night action will once again make a splash in the vibrant Fortitude Valley.

The event is supported by the Queensland government through Tourism and Events Queensland, and is presented by Oztix and Brick Lane.

Visit Bigsound.org.au for more.

The American Federation of Musicians of the United States and Canada has endorsed Vice President Kamala Harris for president. The union’s backing comes after a unanimous vote of the U.S. members of the AFM International Board, and what they see as the Biden-Harris administration’s commitment to labor. This follows President Biden’s decision not to seek reelection and his subsequent endorsement […]

MARINA signed with Janelle Lopez Genzink (Sabrina Carpenter) at Volara for management. The artist, who previously recorded as Marina and the Diamonds, has released a total of five albums; her most recent, Ancient Dreams in a Modern Land, dropped via Atlantic in 2021. Volara signed a strategic partnership with Red Light Management in 2023.
Canadian rock band Finger Eleven signed with Better Noise Music (Five Finger Death Punch, Asking Alexandria). The label will release the group’s forthcoming album next year, to be preceded by first single “Adrenaline” on Aug. 2. Finger Eleven is currently supporting Creed on its Summer of ’99 tour.

U.K. electronic-pop outfit London Grammar signed with PPL for the collection of its international neighboring rights royalties. The group has released a total of three albums and is due to release a fourth, The Greatest Love, on Sept. 13.

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Phoebe Bridgers‘ Saddest Factory Records signed trans singer-songwriter jasmine.4.t. The label released her latest single, “Skin On Skin” (produced by Bridgers and her Boygenius bandmates Julien Baker and Lucy Dacus) on July 16. Based in Manchester, jasmine.4.t is the first U.K. signee to Saddest Factory.

Italian singer Michele Morrone signed to New York-based indie label 477 Records. Morrone, also an actor who starred in Netflix’s 365 Days, is currently at work on his third studio album.

Country-rock duo Lakeview (Jesse Denaro and Luke Healy) inked with UTA for exclusive global representation in all areas. The duo broke through with the single “Home Team” and recently issued the new song “Money Where Your Mouth Is” featuring Gideon. – Jessica Nicholson

Singer-songwriter JD Clayton signed with Nashville-based roots, Americana and bluegrass label Rounder Records. Clayton released his debut album, Long Way from Home, in early 2023. He’s slated to embark on a fall tour beginning Aug. 30.

Country singer Kashus Culpepper signed with CAA. According to the agency, Culpepper has played sold-out headline club shows throughout the South and opened shows for Charles Wesley Godwin, Charley Crockett and Needtobreathe. He recently signed with Big Loud Records, which released his first-ever single “After Me?” on June 21.

Folk singer-songwriter Olive Klug signed with Tommy Alexander and Paige Maloney at Wasserman Music for global representation. Klug released their first album, Don’t You Dare Make Me Jaded, on Aug. 11, 2023. They toured throughout 2023 with Kevin Atwater, Odie Leigh and Daisy the Great, with more tour dates to come this year, including at the North Carolina Folk Festival in Greensboro.

In a move that highlights her selective engagement with social media, Ariana Grande, who deactivated her Twitter account years ago but remains the seventh-most-followed person on Instagram, is set to join HYBE’s superfan platform, Weverse.
Weverse Company tells Billboard that the chart-topping star will join the platform on Sunday (July 21), adding to a roster that includes BTS, BLACKPINK, JVKE, NCT 127, (G)I-DLE, Lauv, YOASOBI, Conan Gray, AKB48 and thuy. In joining the platform, Grande will have the ability to post messages and content to her own dedicated community, hold livestreams for members, read personalized fan letters, upload exclusive media content, share disappearing messages, and utilize the popular Weverse Shop, which sold more than 18 million pieces of merchandise last year to fans in more than 198 countries.

The announcement marks a significant moment for both Grande and Weverse, opening up a new way for the singer to deepen her connection with fans while showing a commitment to her continued business relationship with HYBE and HYBE America CEO (and Grande’s former manager) Scooter Braun.

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Since opening in June 2019 with Billboard 200 chart-toppers TOMORROW X TOGETHER as its first artist, Weverse now hosts 146 artists from countries including South Korea, Japan and the U.S. Its biggest artist community, for BTS, boasts 26 million members, while the ENHYPEN community has 9.8 million. Today, HYBE reports over 155 million lifetime downloads and an average of 10 million monthly active users across 245 countries and regions, with 90% of its user base now coming from outside Korea. Despite Warner Music Group (WMG) announcing plans for its own superfan app — as well as WMG and Sony investing early in rival superfan platform Fave — Weverse says its start with K-pop artists delivered important insights to entice top Western stars like Grande to join.

“What’s lucky for us has been that K-pop idols are the types of artists that have a very strong core fanbase,” Joon Choi, president of Weverse Company, tells Billboard of the company’s half-decade of growth that now includes investment from Universal Music Group. “As a platform and a business, we had already enjoyed the competitive edge or advantage of being there first and being there early to observe what superfans actually want.”

While artists can use Weverse to access first-party data for content delivery, promotion and to stay connected to international fans, the platform has expanded opportunities in live music with not only event streaming but its Weverse Con Festival and a Weverse by Fans tool through which fans can develop their own merch.

“We were there earlier and we have a long experience of observing the demands of our fans,” Choi adds. “That’s why we were able to create this one-stop fan service that includes merch development, merch selling, communities, videos, live streaming and even magazines…I do see the growth of startups or services that are entering this particular [superfan] market and that’s good. The more competition in the market is actually better for us because being the only player in that particular market sector makes us nervous.”

New competitors or not, Weverse continues to expand; currently, the company boasts a total of 400 employees in South Korea, 60 in Tokyo, and 20 in Santa Monica, Calif. (with the target to grow to 30 this year). And with a major star like Grande, there’s a slew of Arianators that could soon be joining the platform. Still, the executive admits he doesn’t know what to expect from the Eternal Sunshine singer once she officially joins. As he puts it, “It is totally up to the artists.”

Read on for more insights from Joon about Grande’s big move and what lies in store for Weverse’s future.

Weverse is adding new artists all the time, but Ariana Grande is a huge name with a worldwide fanbase. What have the weeks been like leading up to this announcement?

I just traveled a lot; I’ve been a globetrotter. We have offices in Santa Monica and Tokyo, and in each office location our leaders are currently meeting and contacting many artists and labels, so I believe our platform and business are becoming truly international and crossing borders. As we do that, we have opportunities to engage with and work with big artists, but also rising stars, so these opportunities are being created.

In the past, Weverse or artists have held special events or activities to begin their time on the platform. Will Ariana have a welcome party?

My simple answer to that question is that it is totally up to the artists. So, although we do have sessions where we offer guidelines or guidance in terms of how to better utilize the platform to cultivate the superfan culture or fandom, we do not necessarily engage too much [in terms of] planning activities or what’s going on the Weverse platform. I know that this might not be the direct answer that you’re looking for, but we have artists onboarded onto Weverse with a very good understanding of the difference between Weverse and other social media platforms.

What opportunities do you see for Weverse in welcoming Ariana Grade, and what opportunities are now open to Ariana?

Weverse is definitely a distinct platform, different from other social media platforms, so I’m also very curious how it will be utilized by artists like Ariana Grande. It really depends on each artist or label whether they discuss details about how they want to or plan to utilize Weverse. But in this particular case, we don’t know yet — that’s something that I’m closely watching.

But I would like to add that when I look at Weverse from my perspective as the leader of this business, it’s important to have enough resources and big enough clusters of a particular genre, specific country or culture. So, that’s why we’ve been working hard to onboard many artists. During the first half of this year alone, we have onboarded Nightly, thuy, Lauv, Umi, Conan Gray and JVKE. And then we have Ariana Grande. But Gracie Abrams has been very active as well; she’s good. So, when you see Weverse as a platform and in terms of the growth of our platform, it is very important that we have thriving clusters of certain music genres, countries or cultures to generate a network effect as well.

Weverse does a lot of business selling music, albums and merchandise via Weverse Shop, but Ariana isn’t only involved in music: she has R.E.M Beauty and perfumes; she’s in movies and television. Does she give you opportunities to expand into new commerce markets?

I can’t comment on an artist’s existing merchandise lines or albums since there must be agreements or contracts in terms of production and distribution in place. How merchandise is developed and sold through Weverse really varies by each artist. But a feature that we have on Weverse, Weverse by Fans, has been very effective and is gaining a lot of attention from artists because it is based on fan demand. Also, Weverse by Fans doesn’t require a minimum quantity of manufacturing goods for production. So, as soon as there’s enough demand for a certain type of merch, we can immediately produce and sell those.

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On one hand, Ariana Grande is one of the most followed people on Instagram, but she also deactivated her Twitter years ago and takes social media breaks. How were discussions with an artist who might have complex feelings about social media?

That’s a very good question. Actually, when we meet a lot of artists, we tell the artists to actively use other social media because Weverse is a little different. It’s a place where people who love the artist gather. This isn’t our claim — artists have been saying this particular characteristic makes Weverse a very friendly and safer platform for artists to engage with their fans and the public compared to [other] social media…and that’s not just specific to big-name artists. We have been having opportunities to work with rising rookies as well. We don’t really care whether it’s a big-brand artist or not; what’s more important for us is to seek and discover artists interested in cultivating superfan culture, regardless of how famous or how popular they are, to work with us and use Weverse.

Ariana is the seventh-most-followed person in the world on Instagram. Do you worry that adding an artist with such a wide audience could open Weverse up to trolls or those with bad intentions?

Our product features are already equipped and have the advantage of features like filtering, reporting and in-house moderators to prevent and manage ill-intended activities on Weverse’s platform. I do understand the concern that you raised regarding such potential, and I agree with you. However, such circumstances or ill-intended activities occurred for artists already onboarded on Weverse. So, it would not just be for Ariana Grande that such a thing could happen. But I believe we have about four years’ know-how in operating and managing trolls or activities like that. So, we are not too worried, although we are still being very, very cautious about how to manage that.

I’d add that we always tell artists when onboarded to Weverse that the best use case has been using live broadcasts to communicate with fans directly. K-pop artists have been doing so well in terms of using Weverse as a platform for that, and also through the membership, they can have closer, more direct interactions with their fans as well. So, we’ve been telling artists from the inception, from the moment that they are onboarded to Weverse, that these are some of the ways that are historically proven to be very effective to have a very long-term and sustainable fandom relationship.

What is the onboarding process like? Are you personally meeting top artists?

We’re not a service that allows anyone to sign up, [like] on a website like YouTube or other social media. We don’t know when that’s going to happen, maybe in the far future we will switch to such a model. But so far, we have been doing internal research to discover and identify artists who would have a potential benefit or whose fanbase overlaps with the user base of Weverse. These days we are getting a lot of inbound inquiries from artists or other labels themselves. In the past, we used to do a lot of outreach to discover or find more artists, but since last year, as words such as “superfan” and “Weverse” have become more buzzy in the industry and the market, we have been gaining a lot of attention.

It’s not just me but other teams; we call it a B2B team in Korea, but maybe in the United States, it’s called a customer success management team. We have internal resources that frequently discuss and follow up with labels and artists.

I’m personally curious as someone in media, do you ever imagine a day you might expand the type of people beyond musicians?

Definitely. We already have some actors and actresses onboarded, but this question is really good. We’ve thought about it, but the timeline is very important. The ultimate goal of Weverse is to create a superfan not only for human artists. While I believe Weverse is currently working the best for superfans of a person with a thriving fandom, we’ve already seen an interesting case of the virtual idol group in Korea called PLAVE with a significantly high engagement level within their community on Weverse, which is very, very noteworthy. That’s where we saw the potential of expanding this platform not just for human artists but also for virtual artists. However, we also see the possibility of extending this IP to include other types of artists; this is a fun future that we can imagine at the moment. We still have a lot of room for further growth within the music industry so that’s where we have greater focus.

Since you said this was your personal curiosity, I’m giving you my personal opinion and projection on that potential. [Laughs] My biggest question working at Weverse is, “How many people out of the entire human population would have the ‘superfan’ DNA?” That’s kind of the ultimate thing we are looking for. Someone might be a superfan of a certain sport or sports team — there’s always a superfan of something or someone.

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There’s the Weverse Con Festival, Weverse Magazine, there’s exclusive shows to stream. Why is Weverse developing IP beyond the platform? I imagine a HYBE Festival would be well received.

Weverse is a platform, so neutrality is the greatest value that we really emphasize and prioritize, which has been the case since Chairman Bang [Si-Hyuk] originated this platform. From day one, we really valued neutrality as an important value for us, but also in using such a new business model, we believe that we can lead innovation in the music industry. When you look back on the music industry’s history for the last two or three decades, it started by simply selling albums, then the touring business rose, and since 2000, technology has been disrupting the music industry. Now, it’s time for us to seek the answer to what’s next, right? I think Weverse is a platform and a business that has been most actively conducting experiments in order to answer what’s next for the music industry. If our experiments succeed, we can definitely offer benefits to artists all around the world, and that has been the basic philosophical foundation for our business and platform. We’re very, very, very, very serious about it.

Some people here might not like what I’m just about to say, but considering all the other [types of] content — it can be TV shows, movies, video games, everything — we think music itself, just as a piece of content, is the least compensated compared to all the others. So, we really have to think about that from a business perspective. …There is way more around music, right? There is no doubt that music is the core — and that’s why the mission statement of HYBE is, “We believe in music” — and that’s where we started from. [But] to make it a sustainable business, that’s where we can evolve from.

It was fun to see JYP Entertainment founder J.Y. Park perform with Chairman Bang at Weverse Con Festival last month. JYP is one of the last big K-pop agencies not on Weverse. Was this a hint?

We’ve always wanted all the artists from JYP, no doubt! [Laughs] But this time, it was just about the music. But of course, we’ve always wanted JYP — simple!

Removing yourself from work for a second, who or what are you a superfan of?

I’ve been a very big [music] fan since the ’80s: I listened to Casey Kasem with America’s Top 10, I was a Billboard kid. I think about all the famous songs and artists from the ’80s and ’90s — I’m that old guy [Laughs] — and then I had the recent memorable experience with PLAVE. The DJ JoJo [Wright] from KIIS FM actually visited Weverse Con Festival, held a lot of interviews with artists performing, and mentioned that one of the most impressive interviews he had was with PLAVE. From my perspective, from the ’80s and ’90s to virtual artists on the radio, that’s a very interesting journey to see and experience.