Four major domestic entertainment agencies are pushing to set up a joint venture (JV).
HYBE and YG, SM, and JYP Entertainment said on the 16th in a joint announcement that they are preparing to establish a corporation to promote the "Phenomenon" event.
Phenomenon is a term that combines fan and phenomenon, meaning a fan-driven cultural phenomenon. The project is known to be promoted as a large-scale K-pop event targeting not only the domestic market but also the global market.
Earlier, Park Jin-Young, chair of the Popular Culture Exchange Committee, said in Oct. last year that he planned to hold a mega event named "Phenomenon" in Korea and overseas.
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