Four major K-pop agencies are joining forces to establish a joint venture to launch a large-scale music festival that could rival global events such as Coachella.
According to local media reports on April 16, Hybe, JYP Entertainment, SM Entertainment and YG Entertainment recently submitted a business combination report to the Fair Trade Commission as part of plans to establish a joint venture focused on concert planning.
The filing is required, as Hybe is classified as a large conglomerate with assets exceeding 5 trillion won, and SM Entertainment is affiliated with the Kakao Group.
The Presidential Committee on Popular Culture Exchange also confirmed that discussions are underway on a public-private partnership model to expand the global reach of “K-culture”.
“In the private sector, the four companies under the committee’s music division are preparing to establish a corporation to promote the ‘Fanomenon’ event,” JYP Entertainment said in a statement.
“The joint venture is being considered as a collaborative model to explore the global expansion of K-culture, including K-pop.”
However, the initiative remains in its early stages, with companies reviewing a cooperative structure at the industry level rather than on an individual basis.
Necessary procedures, including regulatory approval from the FTC, are currently underway.
The joint venture is expected to be established with equal investment from the four companies, though details regarding leadership and governance structures have yet to be finalised.
It aims to focus on concert planning, to launch a large-scale music festival, tentatively titled “Fanomenon”, in South Korea in 2027. The event would feature artistes from all four agencies.
The concept was first introduced during the launch ceremony of the presidential committee held in October, where JYP Entertainment founder J.Y. Park outlined plans for a mega event combining the words “fan” and “phenomenon”.
Park said the festival would debut in Korea in December 2027 after about two years of preparation, with plans to expand into a global touring event across major cities starting in May 2028. – The Korea Herald/Asia News Network
