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Dear U

Dear U (Korean: 디어유), stylized as DearU, is a South Korean software development company specializing in digital platforms for artist-fan communication, most notably through its flagship mobile application Bubble, which enables celebrities to send personalized messages and exclusive content to subscribers. Founded in July 2017 as Brinicle Inc. and rebranded to Dear U in March 2020, the company focuses on creating virtual spaces that foster direct interactions between entertainers and their global audiences, emphasizing innovative services like private messaging and content sharing to enhance fan engagement in the K-pop and broader entertainment industries. Since its inception, Dear U has expanded its portfolio to include additional products such as Lysn, a fan community app, Everysing, a app, and various customized channels for agencies like and , achieving milestones like reaching 2 million Bubble subscribers by February 2023. The company went public on the exchange in November 2021, marking its growth as a key player in the superfans economy. In terms of ownership, —a subsidiary of —became the largest shareholder in May 2021, followed by as the second-largest in June 2021; in March 2025, had increased its stake to 45.1% through an additional acquisition valued at approximately $92 million, integrating Dear U more closely into its ecosystem and boosting consolidated revenues. Dear U's platforms, particularly , have become integral to the fan experience, with over 600 artists participating as of 2024, delivering daily messages that simulate personal connections and driving significant user retention through subscription-based models. This model not only supports artists in maintaining fan loyalty but also positions Dear U at the forefront of evolving digital entertainment trends, with ongoing global expansion.

History

Founding and early years (2017–2020)

Dear U was established in July 2017 as Everysing Co., Ltd., a subsidiary of focused initially on mobile services derived from SM Mobile Communications' business. The company aimed to leverage 's ecosystem to develop communication platforms for fans, building on the global popularity of the agency's artists. In January 2019, Everysing merged with Brinicle Inc., a firm, to expand its technological capabilities and shift toward fan engagement services. Following the merger, the company launched Lysn in the same month as an fan communication platform, enabling community interactions and updates for artists' official fan clubs. This integration marked a pivotal transition from karaoke-focused operations to broader digital fan services. The year brought significant growth and rebranding. In , Dear U —a subscription-based private messaging service priced at approximately 4,500 won per month—was introduced within the Lysn app, allowing fans direct, unfiltered communication with idols. In March, the company officially changed its name to Dear U Co., Ltd., reflecting its emphasis on user-centered communication and cultural connectivity. By August, expanded to artists, followed by launches for and in November. By October , the service had reached 0.5 million subscribers, demonstrating rapid adoption amid the K-pop industry's digital shift during the .

Merger with SM Studios and expansion (2021–2023)

In May 2021, established as a wholly owned to consolidate its non-music businesses, contributing shares of several affiliates, including DearU, valued at 239.5 billion KRW, to the new entity. This integration positioned as DearU's largest shareholder, enhancing operational synergies between SM's ecosystem and DearU's fan engagement platforms like and Lysn. The move was part of a broader to streamline management of content, distribution, and digital services, with acquiring full ownership of for 244.5 billion KRW by June 2021. Following the ownership shift, DearU expanded its partnerships and market presence. In June 2021, JYP Entertainment acquired a 23.3% stake, becoming the second-largest shareholder and collaborating on the development of the DearU Bubble messaging service, which integrated artists from both SM and JYP, such as NCT, Twice, and Stray Kids. This partnership drove subscriber growth, with Bubble reaching 1.2 million users by August 2021. DearU further diversified by launching Bubble channels for additional agencies like RBW in October 2021 and achieving a milestone KOSDAQ listing in November, which raised capital for platform enhancements and international outreach. From 2022 to 2023, DearU focused on service expansion and strategic acquisitions to solidify its position in the fan economy. New Bubble launches included channels for sports (February 2022), HUNTER (March 2022), actors (July 2022), (February 2023), , and (April 2023), broadening beyond music to and niche communities. Subscriber numbers doubled to 2 million by February 2023, reflecting increased adoption amid the global boom. A key expansion came in January 2023 when DearU acquired the IP rights and user base of the rival fan platform from , integrating its content to create a more comprehensive and reportedly accounting for about 45% of DearU's growth that year. This bolstered DearU's competitive edge against platforms like , with preparations for a Japan-specific service underway.

Restructuring and stake acquisitions (2024–present)

In 2024, Dear U faced financial challenges as its net profit declined to 25.4 billion KRW from 28.6 billion KRW the previous year, attributed to intensified in the fan engagement platform sector and integration costs from prior acquisitions. This downturn occurred amid broader efforts at parent company , which initiated a management overhaul in February following allegations of executive financial , including the diversion of artist funds. As part of SM's strategy to streamline operations and divest non-core assets, subsidiaries such as SM C&C and were placed on the market, though Dear U under remained a key focus for digital fan services. The restructuring extended to internal organizational changes, with SM enhancing its oversight of technology-driven subsidiaries like Dear U to bolster synergies in content distribution and artist-fan interactions. Dear U contributed to these efforts by expanding 's features, including artist handwriting font subscriptions and joint ventures in with the launch of a localized Bubble for Japan service in 2024, while maintaining operational stability despite the profit dip. In February 2025, SM Entertainment announced the acquisition of an additional 11.4% stake in Dear U for 135.6 billion KRW (approximately $92 million), purchasing shares from JYP Entertainment, Dear U CEO Jong-Oh Ahn, and other investors. This transaction increased SM's total ownership to 45.1%, incorporating its prior 33.7% stake held through subsidiaries like SM Studios, thereby solidifying control over the fan platform operator. The move was intended to deepen integration of Bubble with SM's ecosystem, enhance revenue from superfans, and support collaborative initiatives with partners like Kakao. In July 2025, Dear U increased the subscription price from 4,500 KRW to 5,000 KRW per month to enhance service quality, with the change applying to subscriptions starting July 7. The platform also expanded globally by adding Western artists such as and in September 2024, marking a push beyond . By mid-2025, these stake adjustments contributed to improved performance, with Dear U driving growth in SM's overall operating profit, which surged 261% year-over-year in the third quarter, fueled by hit album releases and expanded digital engagement tools. However, Dear U encountered legal setbacks, including a June court ruling ordering payment of damages for unpaid services to a , highlighting ongoing operational risks in the rapidly evolving entertainment tech landscape.

Corporate structure

Ownership and governance

Dear U Co., Ltd. is a publicly traded company listed on the exchange under the ticker 376300, subject to regulations enforced by the Commission and the . As of October 17, 2025, the largest shareholder group, comprising Co., Ltd. and seven affiliates, holds 50.11% of the company's shares, granting it controlling influence. Within this group, directly owns 42.58% of the outstanding shares. SM Entertainment's stake has grown through strategic acquisitions, including an additional 11.4% purchased from JYP Entertainment Corporation in February 2025 for approximately 140 billion KRW (about $98 million USD), increasing its direct ownership to 45.1% by April 2025 and enabling consolidated financial reporting of Dear U's earnings. JYP Entertainment retains a 10.00% stake as of March 24, 2025, positioning it as the second-largest individual shareholder. Other notable holders include the National Pension Service of Korea with 5.16% as of September 29, 2025, and individual executives such as CEO Jong-O Ahn holding 4.38%. The consists of four members, including the CEO and , reflecting a lean structure typical for mid-sized tech firms. Jong-O Ahn serves as CEO and since January 2019, overseeing strategic operations. Yong-Jae Won has been and since February 2021, managing financial affairs. Ji-Won Kim, appointed in March 2019, chairs the nominating committee, ensuring compliance with governance standards. Yeong-Jun Tak joined as in March 2024. The executive committee includes Ahn as CEO, Won as , and Min-Seok Seo as since February 2021. Dear U held its eighth annual general shareholders' meeting on March 20, 2025, where it approved dividends totaling 5.1 billion KRW and re-elected board members, demonstrating adherence to transparent shareholder engagement practices. The company's governance emphasizes synergy with , including joint initiatives in fan platforms, while maintaining independent operations under listing requirements.

Subsidiaries and partnerships

Dear U Co., Ltd. operates with a streamlined corporate structure, including one fully owned and a to support its international expansion. In May 2024, the company established Dear U International as a 100% in the United States to facilitate the launch and operations of its fan communication service in North American markets. Additionally, Dear U formed a in in May 2023 to enhance its presence in the Asian market and adapt services like and Lysn for local users. The company's partnerships primarily revolve around collaborations with major entertainment agencies and technology firms to integrate its platforms with artist rosters and expand geographically. , through its subsidiary , has been Dear U's largest shareholder since May 2021, increasing its stake to 45.1% by April 2025 via acquisitions from other investors, enabling deep integration of with SM artists such as NCT and . joined as the second-largest shareholder in June 2021 with an initial significant stake, maintaining a 10% ownership as of February 2025 while continuing business collaborations for artists like and TWICE on platforms including and Lysn. Further partnerships include agreements with and Play M Entertainment since 2021, which provide dedicated Bubble apps for their respective artists, broadening Dear U's reach in the ecosystem. In January 2023, Dear U acquired assets from related to the Universe fan platform, incorporating elements to enhance its service offerings. For global expansion, Dear U partnered with Tencent Music Entertainment Group in early 2025 to launch in , targeting the region's massive music streaming audience. In the Western market, a 2024 contract with Latin artist marked the platform's entry into non- segments, followed by onboarding to attract international superfan communities. Domestically, a 2024 partnership with Gift integrates Dear U's services with gifting features to boost user engagement.

Products and services

Bubble messaging platform

is a subscription-based mobile application developed by Dear U Co., Ltd., designed to facilitate direct communication between celebrities, primarily artists, and their fans through personalized messaging and exclusive content. Launched in February 2020, the platform simulates a private chat experience where subscribers receive text messages, photos, videos, and audio notes from artists, creating an illusion of one-on-one interaction. The service operates on a monthly auto-renewing subscription model, with tiers such as $3.99 for one month, $6.99 for two months, and $9.99 for three months per artist, allowing users to purchase "tickets" to access specific idols' channels. Fans can send up to three messages per day to the artist, limited to 30 characters initially and increasing thereafter, but these replies enter a collective pool rather than a direct inbox; artists then craft responses broadcast to all subscribers in that pool, ensuring scalability for large fanbases. This one-sided yet intimate format has driven high retention, with the platform achieving record quarterly sales every quarter since inception due to its differentiated, exclusive content tailored to the MZ generation and fandom. Key features include artist-specific feeds for multimedia content unavailable on other platforms, recent additions like in select versions (e.g., Bubble for JYPnation), and integration with partner agencies for seamless artist onboarding. As of late 2023, Bubble supports over 570 stars across 254 teams from 114 agencies, including major Korean entertainment companies like , , , and , as well as extensions to athletes and actors. The app's interface mimics a personal messaging app to enhance emotional connection, though it lacks fan-to-fan interaction or elements, focusing solely on artist-fan engagement. In September 2024, Dear U expanded into Western markets, onboarding global artists such as and to broaden its appeal beyond , aiming to establish it as a universal fan-communication tool. This move leverages the platform's proven model of "gifting" messages to foster loyalty, positioning as a key revenue driver for Dear U amid its global fandom business strategy.

Lysn application

Lysn is a mobile application developed by Dear U Co., Ltd., launched in January 2019 as a communication dedicated to connecting users with their favorite artists. The app functions as a social community service, enabling to share information and personalized content about idols without disclosing sensitive personal details. It supports global user engagement through embedded translation features in open chat rooms, fostering interactions among with common interests. In February 2020, Lysn expanded to include the Dear U service, a subscription-based private messaging platform that allows fans to receive exclusive, one-on-one style messages from artists, including photos, videos, audio notes, and text updates addressed by the fan's name. This feature operates in a group chat format where fans can send limited replies—up to three short messages (30-50 characters, depending on subscription duration)—directly to the artist, though responses are typically one-sided from the idol side. content is artist-specific and time-limited, emphasizing everyday stories and dedicated media not available on other platforms, with recent additions including capabilities. Access to Lysn's core community features is free, but Bubble requires purchasing digital "tickets" on a per-artist basis, with pricing tiers such as $3.99 for one month, $6.99 for two months, or $9.99 for three months, auto-renewing monthly via app stores. The app supports multilingual interfaces, including English, and requires permissions for camera, , and notifications to facilitate messaging and . While praised for delivering exclusive idol interactions that enhance fan loyalty, Lysn has faced criticism for translation inaccuracies, lack of direct fan-to-artist replies, and restrictions on to external platforms like . By 2021, Lysn had partnered with multiple agencies beyond , integrating for over 25 companies and achieving significant adoption among fandoms. Updates, such as the October 2022 option to maintain subscriptions for artists on , have aimed to improve user retention and flexibility. As of 2025, the app remains available on and , with ongoing support for active artist channels despite occasional service terminations for specific idols.

Everysing karaoke service

Everysing is a mobile application operated by Dear U Co., Ltd., designed to provide users with an accessible platform for singing, recording, and sharing performances. Launched initially by in 2012, the app features a vast library exceeding 30,000 songs, including popular tracks, allowing users to sing along with high-quality audio accompaniment. Key functionalities include audio and video recording with advanced for "perfect" captures, real-time lyric display, and easy sharing options to platforms. A standout feature is the duet mode, enabling users to sing alongside friends in real-time or harmonize with pre-recorded vocals from artists, particularly those under , fostering interactive fan engagement. The app's intuitive interface supports song search by title, artist, or genre, and includes audition submission tools for aspiring singers to apply to companies directly through the platform. In , Everysing was recognized as one of Google Play's Best Apps of the Year for its innovative recording and social sharing capabilities. Under Dear U, which was established in July as Everysing Co., Ltd. to manage the service independently, Everysing has expanded beyond mobile to include IPTV integration launched in October 2018 via SK Broadband's B tv platform, broadening access to content on larger screens. The app emphasizes integration, with frequent updates adding songs from artists and partnerships, aligning with Dear U's focus on fan-centric services. As of 2021, it remains a core product alongside Dear U's messaging and community apps, contributing to the company's portfolio in interactive music experiences.

Other initiatives

In addition to its core platforms, Dear U has pursued international expansion as a key initiative to broaden its global reach. In June 2025, the company successfully launched in through a strategic partnership with Entertainment Group's platform, enabling paid fan communication services tailored to the market. This move marks Dear U's entry into one of the world's largest entertainment markets, leveraging localized adaptations to connect K-pop artists with fans. Earlier in 2024, Dear U initiated 's expansion into Western markets, starting with high-profile Latin artists such as and to test and refine the platform for non-K-pop audiences. This initiative aims to diversify beyond Asian fanbases by offering subscription-based messaging and artist interactions, positioning as a versatile tool for global superfan engagement. Dear U has also innovated with -driven features to enhance user interaction. In February 2025, it introduced "AI Pet Bubble," a service allowing fans to communicate with characters modeled after artists' real pets, launching initially with SHINee's Taemin's "Daeng." The launch received mixed reactions, with some fans criticizing it for further monetizing parasocial interactions. This extension fosters novel, playful connections between fans and artists' personal lives, expanding the platform's appeal through gamified and immersive elements. Furthermore, Dear U has diversified its offerings by extending to non-music sectors, including actors and athletes via dedicated apps like "bubble for ACTORS" and "bubble for SPORTS," launched in 2022. These efforts broaden the platform's utility, applying fan communication models to diverse entertainment and sports figures to drive subscriber growth beyond traditional music fandoms.

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