Netizens have expressed displeasure with Hybe Dynamic Pricing following the announcement of adjustments to the worldwide platform Weverse.
Hybe, formerly Big Hit Entertainment, is a South Korean music business that oversees the renowned K-pop band BTS.
Netizens have expressed their displeasure with HYBE following the announcement of adjustments to the worldwide platform Weverse.
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When the platform was created, it seemed to be anticipated that HYBE organizations would solely use it. Many groups joined the platform following TXT in June 2019 and BTS in July 2019. Since then, it has enabled followers to communicate with idols via messages or live broadcasts.
Hybe Scandal: Hybe Dynamic Pricing Trending On Twitter
The corporation has recently been mired in a dispute around its new Dynamic Pricing approach. As demand for concert tickets grows, the Company will raise the price of the tickets.
This has sparked significant outrage among fans, with many resorting to Twitter to vent their displeasure under the hashtags #BoycottHybeNFT and #ARMYsAgainstNFT.
While fans know the Weverse DM and the “Weverse by Fans” seem intriguing, the “Membership+” irritates fans. According to the image, a new price will be required to access some functions.
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Netizens were understandably outraged when the new intentions were revealed. Although some people used it as an opportunity to make jokes, the length of BTS V’s broadcasts was probably shorter than the length of the ads.
With the participation of Hitman Bang, the chairman of Hybe, the controversy has gathered traction. Hitman Bang, the actual name Bang Si-hyuk, is the creator of Hybe and was active in the Company’s Dynamic Pricing strategy creation. Many fans have chastised him for putting profit ahead of the interests of fans and artists.
Despite the backlash, Hybe’s revenue has increased. Even with BTS on sabbatical and its members pursuing separate projects and training for military duty, the Company’s earnings climbed in 2022.
Who Is Hitman Bang? Meet The Man Behind Hybe
Bang Si-hyuk, commonly known as “Hitman” Bang, is the founder and CEO of Hybe Corporation (previously Big Hit Entertainment), one of Korea’s major music labels and entertainment organizations.
According to Forbes Asia, he was born in South Korea on August 9, 1972, and is one of the country’s fifty wealthiest persons.
Bang Si-hyuk was a crucial player in the Korean music industry, notably during the birth of the K-pop phenomenon. He is credited with finding and nurturing the popular K-pop group BTS, which he led to global recognition and success.
Despite BTS’s break and its members’ separate ventures, his firm, Hybe, recently recorded a substantial revenue increase.
Bang Si-hyuk was a composer and producer for various K-pop acts before founding Hybe, including Rain and 2 am. Before leaving to create his firm in 2005, he formed JYP Entertainment, one of Korea’s most prominent music agencies.
Netizens Raise Anger After Hybe Dynamic Pricing
However, it was something that most netizens couldn’t understand. It enraged them that HYBE appeared to want to earn even more off supporters.
While the ads would affect everyone, having to pay for subtitles would directly impact international fans.
One netizen, in particular, stated that using music to transcend linguistic hurdles would contradict HYBE’s principles.
While it was an excellent way for international netizens to understand what their idols were saying, many people pointed out that learning Korean would be much easier and less expensive.
As if that wasn’t enough, it was discovered during the call that HYBE executives purposefully used “Dynamic pricing” for their events and acts, including TXT and BTS’s Suga. This has been questioned because it implies that ticket suppliers can adjust prices based on demand.
