South Korea’s four biggest K-pop agencies are in talks to work together to create a brand new global music festival.
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HYBE, SM Entertainment, YG Entertainment and JYP Entertainment are ordinarily rivals, but are reportedly preparing to set up a joint venture that will aim to launch a large-scale festival named ‘Fanomenon’, which they hope could become a Korean equivalent to Coachella.
The concept has been introduced by Park Jin-young, founder of JYP Entertainment and also the co-chair of the South Korean government’s Popular Culture Exchange Committee, which is looking for ways to reflect and expand the country’s global cultural impact.
The aim is thought to be to launch the festival by the end of 2027, with a longer-term plan to expand ‘Fanomenon’ into major cities around the world from 2028 onwards.
President Lee Jae Myung appointed Park to spearhead efforts to promote K-pop and Korean culture around the world, with the promise of government backing but supposedly without political interference.
The four agencies have said that discussions remain at an early stage and no firm business decisions have been finalised.
Last month, shares in HYBE dropped after BTS’ comeback show in Seoul, despite the show setting the record for the largest-ever public concert in the country. Around 250,000 fans had been expected, but on the night, the actual figure was roughly 104,000, leading to shares dropping by 15.5 per cent.
Despite this, the company’s profits are expected to increase tenfold in 2026, thanks in part to BTS’ huge upcoming 82-date sold-out tour.
HYBE also announced plans to establish an Indian subsidiary last summer, with chairman Bang Si Hyuk overseeing the expansion. Their previous expansion into the United States has seen the formation of the multi-cultural group KATSEYE, who released their second mini-album ‘Beautiful Chaos’ last year.