South Korea's largest labels have agreed to hold a single festival
Four leading South Korean labels — HYBE, SM Entertainment, JYP Entertainment and YG Entertainment — have launched a joint venture to organize the global Fanomenon music festival. This was reported on April 16 by the South Korean Business Post.
"After about two years of preparation, we will start holding the festival annually in Korea from December 2027, and from May 2028 we will expand to major cities around the world," said Park Jin—young, chairman of the Committee for the Exchange of Popular Culture under the President of the Republic of Korea.
According to the publication, the need for regulatory review is due to the fact that HYBE has the status of a large conglomerate with assets of over five trillion won, and SM Entertainment is part of the Kakao group, which also belongs to the category of large corporate associations.
The representative of the commission confirmed that the terms of consideration for each case are determined individually, but refused to disclose information about specific applications submitted. The joint venture is planned to be established on the basis of equal equity participation of all four companies. The composition of the Board of Directors and the candidacy of the CEO have not yet been determined. The legal entity's working name is Fanomenon.
The concept of Fanomenon, a word derived from the English "fan" (fan) and "phenomenon" (phenomenon), was first presented by Park Jin—yong on October 1, 2025 at the opening ceremony of the Committee for the Exchange of Popular Culture at the KINTEX Exhibition Center in Goyang (Gyeonggi Province). At the same time, he announced his intention to create a mega-festival that would surpass the American Coachella in scale and audience reach.
The authors of the material regard Fanomenon as an attempt to create a similar national cultural brand based on the fandom industry, with the transition from a concert business model to a global touring format.
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