SEOUL – Four major K-pop agencies are joining forces to establish a joint venture to launch a large-scale music festival that could rival global events such as Coachella.<\/p>\n
According to local media reports on April 16, Hybe, JYP Entertainment, SM Entertainment and YG Entertainment recently submitted a business combination report to the Fair Trade Commission as part of plans to establish a joint venture focused on concert planning.<\/p>\n
The filing is required, as Hybe is classified as a large conglomerate with assets exceeding 5 trillion won (S$4.3 billion), and SM Entertainment is affiliated with the Kakao Group.<\/p>\n
The Presidential Committee on Popular Culture Exchange also confirmed that discussions are underway on a public-private partnership model to expand the global reach of \u201cK-culture\u201d.<\/p>\n
\u201cIn the private sector, the four companies under the committee\u2019s music division are preparing to establish a corporation to promote the \u2018Fanomenon\u2019 event,\u201d JYP Entertainment said in a statement. <\/p>\n
\u201cThe joint venture is being considered as a collaborative model to explore the global expansion of K-culture, including K-pop.\u201d<\/p>\n
However, the initiative remains in its early stages, with companies reviewing a cooperative structure at the industry level rather than on an individual basis. <\/p>\n
Necessary procedures, including regulatory approval from the FTC, are currently underway.<\/p>\n
The joint venture is expected to be established with equal investment from the four companies, though details regarding leadership and governance structures have yet to be finalized.<\/p>\n
It aims to focus on concert planning, to launch a large-scale music festival, tentatively titled \u201cFanomenon\u201d, in South Korea in 2027. The event would feature artists from all four agencies.<\/p>\n
The concept was first introduced during the launch ceremony of the presidential committee held in October, where JYP Entertainment founder J.Y. Park outlined plans for a mega event combining the words \u201cfan\u201d and \u201cphenomenon\u201d.<\/p>\n
Mr Park said the festival would debut in Korea in December 2027 after about two years of preparation, with plans to expand into a global touring event across major cities starting in May 2028. THE KOREA HERALD\/ASIA NEWS NETWORK<\/p>\n","protected":false},"excerpt":{"rendered":"SEOUL – Four major K-pop agencies are joining forces to establish a joint venture to launch a large-scale…\n","protected":false},"author":2,"featured_media":402070,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[93,61,60,278],"class_list":{"0":"post-402069","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-music","8":"tag-entertainment","9":"tag-ie","10":"tag-ireland","11":"tag-music"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/402069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=402069"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/402069\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/402070"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=402069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=402069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=402069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}