V LIVE To Terminate Service By The End Of The Year

V LIVE will officially be terminating their service by the end of the year.

Early last year, it was announced that Big Hit Entertainment and Naver would be collaborating by combining the users, content, and services of their fan community platforms Weverse and V LIVE.

Now that V LIVE has been integrated into Weverse, Naver announced on October 31 that the original service will be completely terminated by December 31, 2022. Read the full statement below, which details what current members should do moving forward:

Hello, this is V LIVE.

We would like to thank all our members for using our V LIVE service, a live broadcast show that features stars and fans.
This notice is to inform you that V LIVE will end its service on December 31, 2022. To clarify any misunderstanding about using it in the future, please read the detailed information below concerning the termination of the service

[Scope of service termination]
All announced services that include video/image/text service provided by V LIVE will be ended.
All rights purchased through V LIVE as content rental/ownership vouchers will expire.

[Service termination process]
Selling period for always available products: Until October 28, 2022 (Fri) 15:00 (KST) (only for products on sale)
Usage period for periodically available products: Based on the date (KST) specified when periodically available products are sold.
Usage period for always-available products: Until November 27, 2022 (Sunday) 14:59 (KST)

[Scope of service maintenance and service usage period]
• Image and video in V LIVE channel (free): Until the service ends.
*However, the operator of the channel may decide to cut short the servicing period of the contents posted on the channel.
• Image and video in V LIVE channel (paid): Usage period will depend on paid product purchase period of each product.
* Under the most optimal scenario, some contents could be used until the service ends.

[Method of transferring V LIVE member information to Weverse and the transfer period]
• Membership information transfer period: November 1, 2022 at 10:00 (KST)~December 28, 2022 23:59 (KST)
• Method and procedure for transferring member information: automatic membership

Automatic membership procedure
Check a member’s V LIVE subscription details → If a member consents to the transfer of membership to Weverse, Weverse service membership, community membership (optional), and profile will be automatically generated.

*If a member does not agree to the transfer of membership information, all member information used by V LIVE will disappear. He or she will have to download the app and register as a new member when signing up for Weverse membership.

[Information about V coin conversion and refund]
1. Weverse Shop Cash conversion details and benefit information
If a member consents to the coin transfer procedure during the process of transferring membership information to Weverse, his or her V coins will be automatically converted to Weverse Shop Cash. An additional bonus will be awarded to members who complete the conversion.
• Conversion eligibility: V coins purchased for a fee that are still valid.
(Valid period: 5 years from the date of charging)
• Conversion period:  November 1, 2022, at 10:00 (KST) to December 28, 2022 at 23:59 (KST)
• Benefit of conversion: Benefit will be limited to members who convert V coins to Weverse Shop Cash during the given period. These members will receive an additional Weverse Shop Cash of 3,000 (KRW).

2.  V coin to Weverse Shop Cash conversion rate and method of conversion
• V coin conversion rate: 1 coin = 25 cash (KRW)
• Conversion method: Proceed after the personal authentication and consenting process shown on the dedicated window that pops up on V LIVE Service website.

3. Eligibility on V coin refunds
• Eligibility on refunds: V coin purchased for a fee whose valid period is not expired.
* Valid period: 5 years from the date of charging.

4. Other helpful information related to conversion and refunds
• If you are a member who received the “Expiration Notice on V coin” for V coins whose valid period is about to expire, the expiration date on the notice shall apply first.
• In the case of a V coin whose valid period has expired, conversion to Weverse Shop Cash is impossible.
• Your remaining balance of V Coins can be converted if the valid period has not expired.
• Weverse Shop Cash can only be used in the Weverse Shop.
• Please take note that V coins converted into cash cannot be refunded at Weverse Shop, so you should be careful when you decide to convert.
• The valid period of converted Weverse Shop Cash will be the same as the V Coin from which it is converted. The valid period can be checked at the MY menu in the Weverse Shop app.

[Transfer of usage rights on paid contents]
• Members who consent to the transfer of usage rights on paid contents during the Weverse member information transfer process can continue to use the paid contents in Weverse.
• Only the ‘V LIVE+’ contents of artists who signed up for Weverse can be transferred.
• Transferred contents can be used in Weverse. They are also available on V LIVE until the day of service termination.
• Contents whose transfer has been completed can be viewed on the Weverse Purchase History menu.
• Transferred ‘V LIVE+’ contents will be available for use after 11 a.m. on November 2, 2022.
• Depending on the policy of each channel manager, contents of V LIVE+ may not be transferred.
• For details on our service operation rules, please refer to our FAQ and Terms of Service.

[Destruction of personal information]
The personal information of members will be destroyed immediately when the V LIVE service is terminated. However, personal information that must be preserved under the law shall be safely retained for a period of time prescribed by law and then destroyed.

Please use V LIVE customer center (support_v@weverse.io) if you have questions about service termination.

We would like to express our gratitude to all members who showed their love for V LIVE service throughout all these years and we will do our best to minimize any inconvenience caused by the termination of our service.

Thank you.

From V LIVE.

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