Four major domestic entertainment agencies are pushing to establish 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推进 the "FANOMENON" event.
FANOMENON is a term that combines fan and phenomenon, meaning a fan-led cultural phenomenon. The project is said to be pushed with the goal of 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 "FANOMENON" in Korea and overseas.
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