HYBE, SM, JYP, YG Form Collaboration for K-Pop Global Festival Led by J.Y. Park

Kapanlagi.com - The four largest entertainment companies in South Korea, HYBE, SM Entertainment, JYP Entertainment, and YG Entertainment, are advancing plans to establish a joint venture aimed at creating a globally scaled music festival. This step marks a significant change in the global strategy of the K-pop industry.

According to a report by Business Post on April 16, the four companies recently submitted a merger application to the Korea Fair Trade Commission. This application is part of the process of establishing a new company engaged in concert planning and festival production.

The submission is required because HYBE is classified as part of a large conglomerate with assets exceeding 5 trillion KRW (around 56.3 trillion IDR). Meanwhile, SM Entertainment is affiliated with Kakao Group, which is also designated as a large corporate group.

Although the regulators did not specifically confirm the documents submitted, they stated that the review period may vary depending on the details of each case.

1. Equal Partnership and Global Ambition

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This cooperation is planned to be funded equally by the four companies. However, important details regarding governance, such as the appointment of a CEO and the structure of the board of directors, have not yet been fully resolved. This new entity is expected to play a central role in the implementation of the 'Phenomenon' project.

The name 'Phenomenon' is a combination of the words "fan" and "phenomenon", reflecting the concept of a large-scale cultural movement driven by the power of global fandom. This project is directly led by Park Jin Young, better known as J.Y. Park, in his capacity as Chairman of the Popular Cultural Exchange Committee. This concept was first introduced by him at the launch ceremony of the committee on October 1, 2025, at KINTEX, Goyang. At that time, J.Y. Park presented an ambitious roadmap.

After a preparation period of about two years, this festival is scheduled to debut in South Korea in December 2027 as a large-scale annual event. This event will feature artists from the four agencies. Starting in May 2028, the festival is planned to expand into a global tour that will stop in various major cities around the world.

2. Aiming to Surpass Coachella

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J.Y. Park positions 'Phenomenon' as a festival designed to surpass Coachella. His vision includes building a world-class K-pop platform and premier cultural intellectual property for South Korea.

This also aligns with the cultural policy direction under the government led by Lee Jae Myung. The government has emphasized the development of K-culture as a major growth engine for the future. The government-driven public-private partnership model encourages creativity while maintaining limited direct intervention. This approach is often referred to as the "arm's length" principle, which means keeping a proportional distance.

3. Expanding the K-Pop Business Model

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Globally, major festivals like Lollapalooza (USA), Glastonbury (UK), and Fuji Rock Festival (Japan) have become cultural assets that can boost tourism while strengthening the image of the host cities.

'Phenomenon' is expected to take a similar path, but with a stronger emphasis on fan-driven participation. This project has the potential to be a turning point for the K-pop industry, transforming it into a global festival ecosystem centered around fans.

(kpl/pnz)