[Click eStock] "HYBE, 'Weverse' Platform Valued at 6 Trillion KRW... Positive Cycle Expected with NFT"

Expected to Become a Leading Platform
Anticipation Grows for Synergy with Next Year's NFT Platform Launch

BTS single album 'Butter' image

[Asia Economy Reporter Minwoo Lee] The value of 'Weverse,' the idol-specialized platform under BTS's agency HYBE, is projected to reach 6 trillion KRW. It is analyzed that the platform will solidify a virtuous cycle structure with Dunamu, the operator of the cryptocurrency exchange Upbit, through the upcoming launch of a non-fungible token (NFT) platform.

On the 6th, Korea Investment & Securities maintained its 'Buy' rating and target price of 430,000 KRW for HYBE, citing these factors. The previous trading day's closing price was 354,500 KRW.

In particular, the value of the Weverse platform was estimated at 6 trillion KRW. This figure assumes 2.4 million paid users (PU) and a value of 2.5 million KRW per PU. As of the third quarter, Weverse's PU is estimated at 480,000, based on a comparison with the content platform 'AfreecaTV's' PU value. AfreecaTV's PU value reached 5 million KRW as of the third quarter.

It was also compared with SM Entertainment's platform DearU. As of the closing price on the 3rd, DearU's market capitalization was 1.3884 trillion KRW. Assuming 1.2 million subscribers, the PU value reaches 1 million KRW. It is estimated that 100% are paid subscribers, with an average revenue per paid user (ARPPU) of about 10,000 KRW. Since PU value is linked to ARPPU, the high ARPPU of Weverse, around 120,000 KRW, is expected to justify its high PU value.

Researcher Ha-kyung Park of Korea Investment & Securities said, "AfreecaTV's PU value is 7 million KRW with an ARPPU of 220,000 KRW, and Weverse's monthly active users (MAU) are expected to reach 40 million next year," adding, "Although the PU ratio will decrease due to the increase in users, ARPPU will rise as the content categories expand."

With the integration of Naver's V-Live, securing the largest entertainment platform is already assured, and the NFT platform with Dunamu is scheduled to launch in the first half of next year. It is analyzed that these two platforms will build a virtuous cycle structure by growing their scale through mutual interaction. Researcher Park explained, "It is expected that priority to acquire artist-related NFTs will be given depending on the level of activity on Weverse," adding, "Since the intangible value of artist-related products will be materialized through NFTs, not only fans but also general users will be attracted to Weverse and NFTs."