Four of South Korea’s leading K-pop agencies are moving to establish a joint venture to launch a large-scale music festival aimed at rivaling global events such as Coachella.

Local media reported that Hybe, JYP Entertainment, SM Entertainment and YG Entertainment have submitted a business combination report to the Fair Trade Commission as part of plans to set up a concert-focused entity.

The filing is required as Hybe is classified as a large conglomerate with assets exceeding five trillion won, while SM Entertainment is affiliated with the Kakao Group.

The Presidential Committee on Popular Culture Exchange has also confirmed ongoing discussions on a public-private partnership model to further expand the global reach of Korean cultural content.

JYP Entertainment, in a statement, said the four companies under the committee’s music division are preparing to establish a corporation to promote a proposed event known as “Fanomenon,” describing it as a collaborative effort to explore the global expansion of K-culture, including K-pop.

The initiative remains at an early stage, with companies reviewing an industry-wide cooperative framework. Regulatory approval from the Fair Trade Commission is currently being sought.

The joint venture is expected to be formed with equal investment from the four agencies, although details on leadership and governance have yet to be finalised.

The proposed festival, tentatively titled “Fanomenon,” is targeted for launch in South Korea in 2027 and is expected to feature artists from all four agencies.

The concept was first introduced during the launch of the presidential committee in October, where JYP Entertainment founder J.Y. Park outlined plans for a mega event combining the words “fan” and “phenomenon.”

He said the festival is expected to debut in December 2027 following about two years of preparation, with plans to expand into a global touring event across major cities starting in May 2028.

-- Courtesy of Borneo Bulletin