K-pop’s four major agencies are in the process of establishing a joint venture aimed at launching a large-scale concert project comparable to Coachella, tentatively dubbed “Fanomenon.”

JYP Entertainment confirmed on Thursday that the company, along with HYBE, SM Entertainment and YG Entertainment, has filed an application with Korea’s Fair Trade Commission (FTC) to establish a joint venture, following a report by Business Post earlier that day.


“The joint venture is being discussed as part of a collaborative model to explore the global expansion potential of K-culture including K-pop, on a global scale,” said JYP Entertainment in a statement, stating that the four K-pop agencies have been discussing a public-private collaboration with the Presidential Committee on Popular Culture Exchange.

“This matter is currently at the stage of reviewing the possibility of cooperation,” the company added. “As it requires stable execution through collaboration at the industry level rather than by individual companies, we are currently reviewing a framework for cooperation. In that process, various necessary processes, including a filing with the FTC, are underway.”

As the project is in its early stages, no details regarding the project or its operation have been finalized, according to JYP.

The Fanomenon project was first mentioned by JYP founder and veteran singer Park Jin-young during the inauguration ceremony of the Presidential Committee on Popular Culture Exchange in October last year.

Park, who was appointed as the co-chair of the committee along with Culture Minister Chae Hwi-young, said at the time that the goal was to create “a new festival that may surpass Coachella Valley Music and Arts Festival.”

Park said that the project would undergo two years of preparation, with the aim of launching an annual festival and awards ceremony in December 2027, followed by a global tour starting from 2028.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]