South Korea’s leading entertainment companies are preparing a joint venture aimed at expanding K-pop globally through a large-scale festival initiative, according to Maeil Business Newspaper Star Today.

HYBE, SM Entertainment, JYP Entertainment and YG Entertainment, often referred to as the industry’s “Big Four”, are collaborating under a broader public–private partnership framework with the government’s Presidential Committee on Popular Culture Exchange.

The initiative is designed to strengthen the international reach of Korean popular culture.

JYP Entertainment confirmed the discussions, stating, “It is true that we are discussing a public–private cooperation model with the government’s Presidential Committee on Popular Culture Exchange to promote the global expansion of the K-culture industry.”

The company added, “At the private implementation level, the four companies in the committee’s music subcommittee are in the process of preparing to establish a corporation to push ahead with the Fanomenon event.”

The proposed joint venture is intended to formalise plans for “Fanomenon”, a global K-pop festival concept introduced by Park Jin-young, also known as JY Park. Speaking at the committee’s inauguration last year, he said, “We will hold a mega event called Fanomenon, a name that combines ‘fan’ and ‘phenomenon,’ in locations around the world.”

The project outlines ambitions to create a large-scale international music festival and dedicated performance venues, with comparisons drawn to major global events such as the Coachella Valley Music and Arts Festival in the United States.

The companies are currently reviewing operational frameworks to ensure stability and compliance, including legal and administrative procedures such as a business combination filing with the Korea Fair Trade Commission.

JYP Entertainment noted that discussions remain at an early stage, stating, “We are still in the early review stage, and no specific business details or operating methods have been finalized,” and emphasised that decisions will reflect market conditions and stakeholder input.