South Korea’s leading K-pop entertainment companies, HYBE, SM Entertainment, YG Entertainment, and JYP Entertainment, are in discussions to form a joint venture to launch a large-scale global music festival aimed at expanding Korean popular culture worldwide.
In a joint statement, the companies said they are preparing to develop an event tentatively named “Fanomenon,” designed to bring together top K-pop artists in a festival format similar to major international events such as Coachella.
The proposed festival, whose name combines “fan” and “phenomenon,” was first introduced last year by JYP Entertainment founder Park Jin-young, who also co-chairs South Korea’s Popular Culture Exchange Committee. The initiative is being discussed in coordination with the committee and is expected to reflect broader efforts to strengthen the global reach of the K-pop industry.
Under current proposals, the festival could debut in South Korea as early as 2027, with potential international editions beginning in 2028, featuring a wide range of Korean music and cultural performances.
The talks come amid growing government support for cultural exports under President Lee Jae Myung’s administration, which has encouraged industry-led initiatives while maintaining a non-interventionist stance on creative decisions.
However, the companies emphasized that discussions remain at an early stage. They stated that no final decisions have been made regarding structure, scheduling, or operational details, and that regulatory procedures, including filings with South Korea’s Fair Trade Commission, are ongoing.
The entertainment firms added that any final model would depend on market conditions and further consultation within the industry as planning continues.