Major domestic entertainment companies HYBE, SM Entertainment, YG Entertainment, and JYP Entertainment are promoting the establishment of a joint venture to host a global K-pop festival.

These four companies are collaborating with the Popular Culture Exchange Committee to discuss the "Fanomenon" project and have announced that they are proceeding with the establishment procedures for the corporation. "Fanomenon" is a term combining "Fan" and "Phenomenon," referring to the cultural phenomenon created by fans. Each company stated, "The four companies in the music division of the Popular Culture Exchange Committee are in the process of preparing to establish a corporation to promote the Fanomenon event."

During the joint venture establishment process, necessary procedures such as the Fair Trade Commission's corporate merger notification are underway. Since HYBE and SM Entertainment belong to large business groups, related reviews are required. JYP Entertainment explained, "The promotion of this joint venture establishment is being discussed as a cooperative model to explore the expansion potential of K-culture, including K-pop, in the global market," adding, "Currently, it is at the stage of reviewing cooperation possibilities, and stable promotion through industry-level cooperation is necessary, so we are examining a collaboration structure between companies." They also added, "Specific business details or operational methods have not yet been finalized."

Park Jin-young, co-chairman of the Popular Culture Exchange Committee, introduced the concept of "Fanomenon" at the committee's inauguration ceremony last October, stating, "After two years of preparation, we will hold the 'Fanomenon' festival annually in Korea every December starting from December 2027, and from May 2028, it will be held in major cities worldwide." Park said, "The goal is to plan a new festival that surpasses the United States' largest music festival, Coachella."

Currently, this project is in the initial review stage, and it has been conveyed that future decisions will be made by comprehensively considering market conditions and industry opinions during the discussion process.