South Korea's leading K-pop agencies HYBE, SM Entertainment, YG Entertainment and JYP Entertainment are in early talks to launch a joint global music festival called Fanomenon. The event aims to rival Coachella and debut by the end of 2027. The concept originates from JYP founder Park Jin-young, who leads government efforts to promote Korean culture worldwide.
The four rival agencies, typically competitors, are reportedly preparing a joint venture for Fanomenon, with plans to expand the festival to major cities around the world starting in 2028. Park Jin-young, founder of JYP Entertainment and co-chair of South Korea’s Popular Culture Exchange Committee, introduced the idea as part of broader initiatives to boost the country’s global cultural influence. The agencies have stated that discussions remain at an early stage and no firm business decisions have been finalised. President Lee Jae Myung appointed Park to spearhead K-pop and Korean culture promotion, promising government backing without political interference. This collaboration comes amid strong industry growth, including HYBE's expected tenfold profit increase in 2026 driven by BTS's 82-date sold-out world tour.