Four leading Korean pop music agencies HYBE, YG, SM and JYP join forces.
On the 16th, JYP Entertainment told OSEN its position regarding the establishment of a joint venture (JV) among the four companies (HYBE, YG, SM, JYP).
Earlier that day, one outlet reported that the four major domestic entertainment companies HYBE, YG, SM and JYP were proceeding with the establishment of a joint venture to create a global festival.
On Oct. of last year, Park Jin-Young, chairperson of The Presidential Committee on Popular Culture Exchange, revealed at the committee's launch ceremony a blueprint to hold the Fanomenon (FANOMENON, FAN+PHENOMENON) festival with K-culture fans worldwide in Dec. 2027. The goal is to surpass Coachella, the world's largest music festival.
Regarding this, JYP said, "It is true that we are discussing a public-private cooperation model with the government's The Presidential Committee on Popular Culture Exchange to expand the global reach of the K-culture industry," adding, "In the private implementation area, the four companies in the committee's music division are in the stage of preparing to establish a corporation to pursue the 'Fanomenon' event."
It added, "The push to establish this JV is being discussed as one cooperation model to explore the expansion potential of K-culture, including K-pop, in the global market."
It also said, "This matter is at the stage of reviewing cooperation possibilities, and because stable advancement requires industry-level cooperation rather than individual corporate action, we are reviewing an intercompany collaboration structure, and in that process we are carrying out various necessary procedures, including filing a corporate merger notification with the Korea Fair Trade Commission."
Finally, it said, "This matter is currently in the preliminary review stage, and nothing has been decided regarding specific business details or operational methods. In future discussions, we will carefully decide by comprehensively considering market conditions and various opinions."
[Photo] OSEN DB, provided by each agency
[OSEN]