SEOUL, April 17 — Four of South Korea’s biggest K-pop agencies are teaming up to establish a joint venture aimed at launching a large-scale music festival designed to rival global events such as Coachella.
According to The Korea Herald, HYBE, JYP Entertainment, SM Entertainment and YG Entertainment recently submitted a business combination report to the Fair Trade Commission as part of plans to form a joint venture focused on concert planning and large-scale festival production.
The filing is required as HYBE is classified as a large conglomerate with assets exceeding 5 trillion won (RM13.35 billion), while SM Entertainment is affiliated with the Kakao Group, placing both under stricter regulatory oversight.
The Presidential Committee on Popular Culture Exchange also confirmed that discussions are underway on a public-private partnership model aimed at expanding the global reach of “K-culture.”
In a statement, JYP Entertainment said the four companies under the committee’s music division are preparing to establish a corporation to promote the “Fanomenon” event, describing it as a collaborative model for global expansion of K-pop and Korean culture.
However, the companies stressed that the initiative remains in its early stages, with industry-wide cooperation structures still being reviewed and regulatory approval from the Fair Trade Commission pending.
If finalised, the joint venture is expected to involve equal investment from all four agencies, although leadership and governance structures have yet to be determined.
The project aims to launch a major music festival tentatively titled “Fanomenon” in South Korea in 2027, featuring artists from all four agencies, with plans to expand into a global touring format from 2028.
The concept was first introduced during the Presidential Committee on Popular Culture Exchange launch ceremony in October, where JYP founder J.Y. Park outlined plans for a mega-scale festival combining the words “fan” and “phenomenon.”
