"Money Will Soon Be Worthless, I'll Tell You Which Coins Will Survive"...Price Set at 950,000 Won [Conspiracy Theory Business]

② How Conspiracy Theories Become Profitable
The Era of Conspiracy Theory Memberships

Editor's NoteUnverified theories about unidentified flying objects (UFOs), the belief that Bill Gates controls humanity, or that idols obey Satan's orders—unsubstantiated conspiracy theories have persisted regardless of era or region. These narratives feed on social anxiety and distrust, evolving alongside the technologies of their time. The advent of the Internet has drastically accelerated the spread of conspiracy theories, eroding borders as a result. Now, the rise of generative artificial intelligence (AI) is blurring the boundaries between fact and fiction. Conspiracy theories are no longer irrational superstitions or online urban legends; they are growing into an industry, fueled by views, sponsorships, paid memberships, and product sales. The Asia Business Daily sheds light on the 'conspiracy theory business' through case studies in South Korea, the United States, and Japan.

"I have opened the membership because I want to share more stories with you."

The operator of a domestic conspiracy theory YouTube channel with about 200,000 subscribers recently posted this announcement for viewers. He explained, "I originally had a different main job and was running YouTube on the side, but managing both has made it difficult to focus on the channel." He added, "I decided to take a break from my main job and focus on content creation, but since there are many instances where videos do not generate enough view-based revenue, I opened up the channel membership."

This channel, launched last year, has grown rapidly in just over one year. Its initial content revolved around claims such as "most Korean idols are linked to Satan." However, near the end of last year, content centered on political conspiracy theories—such as alleged election fraud—started gaining popularity, bringing further attention to the channel. The rollout of paid memberships coincided with this trend. Membership is divided into four tiers, from a basic level at about 5,000 won per month to the highest, exceeding 50,000 won. Members can watch exclusive videos not available to the general public.

Exclusive membership content covers claims like the manipulation of climate change, pandemic-era conspiracy theories that Bill Gates is trying to control humanity via vaccines, and allegations that mainstream media intentionally injects various messages into viewers. The YouTuber commented, "Because of the nature of these videos, it's common for them to generate little to no ad revenue despite high view counts," encouraging viewers to join as members. Beyond relying on ad revenue tied to view counts, conspiracy content creators are now shifting to a subscription-based model similar to streaming services like Netflix or online learning platforms.

Introduction via YouTube...In Japan, Users Are Guided to Paid Communities and Content

In Japan, conspiracy theory content is expanding beyond YouTube into full-fledged community businesses. A well-known Japanese conspiracy theory YouTuber, Mr. M, is notable for combining anti-vaccine positions with uniquely Japanese astrology. He claims, for instance, that Earth is actually a semicircle and that the world is upside down, a secret supposedly covered up by all the world's governments; he also insists no one has ever seen the dark side of the moon. Mr. M operates a paid community called “Truth-Seeking Salon,” recruiting members who wish to take a deeper dive. After building an audience on YouTube, he encourages those seeking more in-depth information to join his paid community.

Membership for the paid community is relatively inexpensive, at 1,000 yen (9,500 won) per month. Members exchange information with others who share similar views, and occasional offline meetups are organized as paid lectures. This serves as a gateway to the community. For more privileged information, users must pay extra. In addition to this, Mr. M rolled out premium content to capitalize on the Bitcoin and broader virtual asset trends, priced at 99,900 yen (950,000 won).

Paid content worth 99,900 yen (950,000 won) created by a famous Japanese conspiracy theory YouTuber, Mr. M. With the emergence of virtual assets, he promotes that he knows which cryptocurrencies can survive. However, there is also a disclaimer stating that the investment is ultimately the individual's responsibility. Note.

In these premium materials, Mr. M weaves together familiar conspiracy theories—such as central bank digital currency (CBDC), Japan's national identification system ("My Number"), and the biblical Book of Revelation. He claims that the current monetary system will collapse and that a world order centered on integrated digital currency via CBDC will emerge, from which only certain cryptocurrencies will survive. He asserts that he already knows which ones these are.

Mr. M promotes this information as "an analysis no one else has reached," arguing that the fee exceeding 900,000 won is justified by the value provided. At the same time, he clearly states a disclaimer that "all investments are the individual's own responsibility." This structure shows how a conspiracy-driven worldview fuels anxiety, and that anxiety is channeled into paid communities and high-priced information products.

In the U.S., Anxiety Is Monetized into Personal Business...1.4 Trillion Won in Sales Achieved

The 'conspiracy theory business' is most advanced in the United States. American far-right broadcaster Alex Jones is a prominent example, having transformed conspiracy theories into a massive industry. During the COVID-19 pandemic, he argued that the government and medical institutions were using the crisis to control citizens, insisting that people should instead strengthen their immunity to protect themselves, rather than relying on vaccines or the healthcare system.

To support this, he sold products ranging from toothpaste containing silver to various health supplements and immunity boosters through his online platform, Infowars. He also promoted these products as being helpful for the prevention and treatment of COVID-19. By fomenting anxiety through conspiratorial content and channeling that anxiety into sales, he generated significant profits. According to documents submitted to a U.S. court, Infowars reportedly generated more than 100 million dollars (140 billion won) in revenue over several years. Ultimately, the New York State Attorney General criticized these actions, stating that he was "profiting from public anxieties," and demanded the sales be halted. The U.S. Food and Drug Administration (FDA) also issued a warning regarding the false claims that these products could prevent or cure COVID-19.

Products sold at Infowars, a supplement shopping mall operated by American far-right broadcaster Alex Jones. They sell supplements containing methylene blue and a processed form called 'Methylene Red.' Infowars.

Experts say that conspiracy theories are no longer just the obsessions of a minority but are establishing themselves as a structured industry. According to a 2022 academic paper, "Conspiracy Brokers," by research teams from Georgetown University and New York University, conspiracy theory YouTube channels are more than twice as likely as regular channels to monetize through paid lectures, communities, and other external revenue streams. After analyzing more than 6,000 advertisers and over 180,000 ad exposures, the researchers found that 53% of demonetized conspiracy channels provided links to third-party platforms such as sponsorship sites or paid communities.

Similar research has emerged in Japan. A University of Tokyo study in 2024, focusing on YouTube channels in Japan, found that channels ramping up conspiracy theory content tend to elicit stronger user engagement. The researchers noted, "There is a likelihood that these channels are converting such interest into revenue through sponsorships and paid memberships."

This content was produced with the assistance of AI translation services.