韓國演藝經紀公司之平台商業策略分析—以HYBE為例

Abstract

近年來，數位技術與網路平台迅速重塑全球娛樂產業的價值鏈與經營邏輯，韓國流行音樂（K-pop）產業亦在此趨勢下展開關鍵性的轉型。K-pop不僅已成為全球性的文化現象，也推動了藝人與粉絲之間互動模式的根本變革，建立以社群參與與數位內容為核心的粉絲經濟體系。惟傳統粉絲經營多仰賴第三方社群與銷售平台，導致內容管理與商業服務分散，經紀公司難以整合資源、掌握粉絲行為，亦造成粉絲需在多個平台間往返，降低可能的互動深度與品牌黏著。在此背景下，HYBE展現出具前瞻性的策略視野與強大的技術整合能力，透過Weverse打造出橫跨藝人內容、粉絲互動與商業服務的數位平台架構，重塑其於全球娛樂產業中的主導地位。 本研究以個案探討的方式，檢視HYBE自創立以來的發展歷程，分析其於各階段所採取之經營策略與轉型方向，並聚焦於商業模式與營運模式的演進。HYBE透過平台策略的推動，成功突破傳統娛樂產業的獲利模式，建立結合數位內容、粉絲互動與多元商業機制的營收架構，逐步鞏固其在全球市場中的競爭優勢。本研究亦透過平台策略四步驟和平台市場驅動四因素等架構，深入分析Weverse平台的建構過程與策略設計，探討其如何於競爭激烈的粉絲平台市場中脫穎而出，並歸納其經驗與關鍵成功因素。 HYBE的發展歷程可區分為三個階段：第一階段為傳統經紀公司時期（2005-2017年），主要依賴BTS等核心藝人累積市場聲量；第二階段為上市與轉型過渡期（2018-2020年），透過IPO、併購與組織重整擴展IP資源與營運架構，並著手部署平台基礎；第三階段（2021年至今）則進入以Weverse為核心的跨國娛樂平台集團時期，持續推動生態系發展，深化與粉絲的數位連結，並以延伸藝人IP為核心，積極拓展娛樂周邊業務與技術應用。 在此轉型脈絡下，Weverse成為HYBE平台化策略的關鍵支點。平台初期透過足夠的藝人陣容啟動市場邊，並藉由策略聯盟與開放平台策略擴大內容規模與使用者基礎，進而創造顯著的網路效應。透過All-in-One的平台定位，Weverse逐步建構具備可持續發展潛力的生態架構，有效回應多歸屬行為、差異化競爭與利基市場經營等挑戰，並逐漸確立其在粉絲平台市場中的領導地位。 隨著平台的成長，Weverse對HYBE整體經營亦產生了深遠影響。首先，平台整合社群互動、內容發佈與商品服務，建立高黏著度的數位場域，重塑藝人與粉絲之間的互動模式，並重新定義粉絲經濟的價值基礎；其次，平台累積的大量使用數據，有助於提升公司於市場分析與策略調整上的敏捷性，並優化內容開發與商業決策的效率；第三，Weverse逐步形成涵蓋粉絲、藝人、經紀公司與品牌方的多邊參與生態系，為HYBE打造新的價值共創機制；最後，透過開放平台策略，吸引非自家藝人與外部經紀公司進駐，擴大內容多樣性與使用者基礎，進一步強化HYBE的產業治理能力與全球影響力。 然而，Weverse平台策略的深化亦伴隨潛在風險與挑戰。Weverse近期推出的新會員制度，因限制原有免費功能而引發部分粉絲不滿，若未能妥善平衡粉絲體驗與變現模式，將可能損及平台長期的黏著度與信任基礎。其次，競爭對手Kakao即將推出的新進平台Berriz，憑藉其娛樂IP資源與技術整合能力，對Weverse的主導地位構成潛在威脅。再者，HYBE本身近期在多廠牌治理、藝人管理與品牌形象維護方面接連面臨挑戰，加上其遊戲事業的發展方向偏離原先以延伸藝人IP為核心的策略，亦引發外界對其整體發展方向的質疑。未來，HYBE需在持續擴展平台規模的同時，更審慎評估其商業化策略與新事業發展對粉絲社群的影響，並強化組織協調與風險管理能力，以確保Weverse在國際粉絲市場中的競爭優勢得以維持與深化。 整體而言，HYBE透過平台策略，不僅重構其商業模式與營運邏輯，亦重新形塑其於K-pop產業中的競爭格局與文化影響力。Weverse所建構之數位生態，展現娛樂科技企業於全球化、平台化與社群經濟交錯發展背景下的潛在能量，亦為其他文化內容業者提供可供借鏡之轉型路徑。

In recent years, digital technology and online platforms have rapidly transformed the value chain and operational models of the global entertainment industry. The Korean pop music (K-pop) sector has undergone a critical transition, becoming a global cultural phenomenon and reshaping the interaction between artists and fans. This shift fostered a fan economy centered on social engagement and digital content. However, traditional fan management relied heavily on fragmented third-party platforms, making it difficult for agencies to integrate resources or fully understand fan behavior, while also weakening user engagement and brand loyalty. In response, HYBE demonstrated forward-looking strategic vision and technological integration capabilities by launching Weverse—a digital platform connecting artist content, fan interaction, and commercial services—to reestablish its leadership in the global entertainment landscape. This study adopts a case study approach to examine HYBE’s development and strategic evolution across three phases. It focuses on the transformation of its business and operating models, highlighting how HYBE successfully broke away from the traditional profit model of the entertainment industry and instead established a platform-based revenue system integrating digital content, fan engagement, and diversified services. The study applies the “four steps of platform strategy” and “four drivers of platform markets” frameworks to analyze Weverse’s construction and strategic positioning, and to identify the key factors behind its success in a highly competitive fan platform market. HYBE’s evolution can be divided into three stages: (1) the traditional entertainment agency period (2005–2017), which relied on BTS and similar key artists to gain market presence; (2) the IPO and transformation phase (2018–2020), during which HYBE expanded its IP portfolio and operations through acquisitions and restructuring, while laying the groundwork for platform development; and (3) the platform-driven era (2021–present), where Weverse became central to the company’s cross-border ecosystem strategy, enabling deeper digital fan engagement and expansion into IP-driven business and technologies. As the cornerstone of HYBE’s platformization strategy, Weverse was initially launched with a sufficient artist base to activate user participation, later scaling through strategic alliances and an open platform approach. Its All-in-One positioning enabled the formation of a sustainable ecosystem that addressed multi-homing behavior, competitive differentiation, and niche markets, securing a leadership position in the fan platform industry. Weverse has had a significant impact on HYBE’s operations. It unified social interaction, content distribution, and commerce, redefining fan engagement and building a high-retention digital environment. Its data accumulation supports agile market analysis and strategic decision-making. Over time, Weverse evolved into a multi-sided ecosystem involving fans, artists, agencies, and brand partners, enhancing network effects and value co-creation. Moreover, its open strategy attracted external artists and companies, increasing platform diversity and reinforcing HYBE’s industry governance and global influence. However, this platform strategy also brought challenges. The 2024 launch of a new membership model that limited free features triggered user dissatisfaction, highlighting tensions between monetization and fan loyalty. The upcoming launch of Kakao’s Berriz platform, backed by strong IP and tech capabilities, poses a potential threat. Additionally, HYBE faces internal challenges in label governance, artist management, and brand reputation. Its gaming strategy, which diverged from its core IP-extension logic, further drew criticism. Moving forward, HYBE must better assess the social implications of monetization and new ventures, while strengthening internal coordination and risk control to maintain Weverse’s competitive edge in the global fan economy. In sum, HYBE’s platform strategy has redefined its business logic and competitive positioning in the K-pop industry. The Weverse ecosystem exemplifies the evolving role of entertainment-tech companies at the intersection of globalization, platformization, and community-based economies, offering a valuable model for other cultural content firms pursuing digital transformation.