South Korea's four biggest entertainment companies — HYBE, SM Entertainment, JYP Entertainment and YG Entertainment — have joined forces to stage a large-scale K-pop festival aimed at global audiences.
On the 16th, industry officials said the four companies have begun preparing to create a joint venture to launch a mega event called Fanomenon under the Cultural Exchange Committee's music division.
Designing a public-private partnership to expand global reach
Organizers say the collaboration is intended as a public-private model to broaden K-culture's global influence at the industry level, not just through individual companies. The agencies are working on an efficient cooperative structure and have started required administrative steps, including filing a merger notification with Korea's Fair Trade Commission.
Fanomenon's vision: aiming to be the 'Korean Coachella'
The name "Fanomenon" blends "fan" and "phenomenon" to capture the cultural momentum fans create. Park Jin-young — the committee chair and JYP producer — first unveiled the concept when the committee launched last October. He has said the goal is to build a world-class festival on the scale of the United States' Coachella Valley Music and Arts Festival.
According to the plan, Fanomenon would debut in Korea in December 2027 and then become an annual event. Beginning in May 2028, the festival is expected to expand into a global tour, bringing shows to major cities around the world.
Project status and next steps
The four companies stressed they are still in the early review phase of setting up the joint venture, so detailed operating procedures and the governance structure have not been finalized. They said they will carefully weigh industry feedback and market conditions in future discussions before settling on a final direction.
● HYBE·SM·JYP·YG…The Big 4 driving the K-pop industry
HYBE, SM Entertainment, JYP Entertainment and YG Entertainment are widely regarded as the leading companies in South Korea's pop music industry, often called the "K-pop Big 4." Through idol-focused music production, artist management and live events, they have played central roles in K-pop's growth and global reach.
HYBE is known for launching BTS and for operating multiple labels under a multi-label system. The company has broadened its business beyond music production and artist management to include platform and content ventures.
SM Entertainment has been a pioneer in the idol industry since the late 1990s, developing acts from H.O.T. to TVXQ, Girls' Generation, EXO and NCT. It is known for its systematic training programs and music production approach.
JYP Entertainment, founded around producer Park Jin-young, has produced groups including 2PM, TWICE and Stray Kids. The company has paired music production with global promotion to expand into overseas markets.
YG Entertainment built its reputation on a hip-hop–rooted sound and manages globally recognized acts such as Big Bang and BLACKPINK. It continues to emphasize music production and live performance.
Despite differing musical styles and business models, the four companies maintain substantial influence across the K-pop industry. They remain active in domestic and international markets and form a core pillar of South Korea's pop music sector.
