Ok-pop giants HYBE, JYP Leisure, SM Leisure, and YG Leisure are getting ready to determine a three way partnership to launch a ‘world’ music competition.
Based on an unique report from South Korean outlet Enterprise Publish on Thursday (April 16), the 4 firms, which collectively characterize Ok-pop’s so-called ‘Large 4’, not too long ago submitted a enterprise mixture report back to South Korea’s Honest Commerce Fee (FTC) as a part of the JV formation course of.
The submitting is a regulatory requirement provided that HYBE qualifies as a big company group with property above KRW 5 trillion (roughly $3.4 billion), and SM Leisure is an affiliate of the Kakao conglomerate.
An FTC official instructed Enterprise Publish that the regulator couldn’t verify particular person filings, however famous that evaluate timelines differ relying on the specifics of every case.
The enterprise comes as reside music turns into an more and more essential income stream for Ok-pop’s greatest firms.
HYBE generated document live performance revenues of KRW 763.9 billion ($537.5 million) in FY 2025, a 69.4% YoY enhance, after the corporate put 12 artists on the highway throughout 279 exhibits in 53 cities.
That reside enterprise is ready to develop additional in 2026 with the continuing BTS World Tour ARIRANG, which spans 82 exhibits in 34 cities throughout 23 international locations — the most important stadium world tour in Ok-pop historical past.
SM Leisure noticed its personal live performance revenues surge 53.6% YoY to KRW 34.5 billion ($23.8 million) in This fall 2025, as expanded world touring from acts together with NCT DREAM, aespa, and RIIZE helped propel the corporate to document quarterly revenues.
The JV is predicted to be established with equal fairness stakes from all 4 firms, although particulars concerning management and governance, together with the CEO and board construction, have but to be finalized. The entity is more likely to be named Fanomenon, a portmanteau of ‘fan’ and ‘phenomenon’.
The enterprise will concentrate on live performance planning, with the intention of launching a large-scale music competition in South Korea in 2027 that includes artists from all 4 companies.
JYP Leisure confirmed the plans in a assertion to Maeil Enterprise Newspaper, saying: “It’s true that we’re discussing a public-private cooperation mannequin with the federal government’s Presidential Committee on Standard Tradition Change to advertise the worldwide growth of the Ok-culture trade.”
The corporate added that the 4 firms within the committee’s music division are getting ready to determine an organization to push forward with the Fanomenon occasion.
JYP described the JV as a collaborative mannequin being explored to broaden Ok-culture’s world footprint, including that the initiative stays at an early evaluate stage. “No particular enterprise particulars or working strategies have been finalized,” the corporate mentioned. “We plan to make cautious choices by comprehensively contemplating market circumstances and a variety of opinions.”
JYP added that the mission requires cooperation at an trade stage quite than on a person firm foundation, and that the 4 companies are reviewing inter-company constructions whereas finishing the mandatory regulatory procedures.
The Fanomenon idea was first launched by JYP Leisure founder J.Y. Park, who additionally serves as co-chair of the Presidential Committee on Standard Tradition Change, on the committee’s launch ceremony at Kintex in Goyang, Gyeonggi Province, in October final 12 months.
Park mentioned on the time that the competition would debut in Korea in December 2027 after roughly two years of preparation, earlier than increasing into a world touring occasion throughout main cities from Might 2028.
He mentioned the purpose was to create a brand new competition that surpasses Coachella, and indicated that the occasion would additionally function main world artists alongside Ok-pop acts.
Elsewhere in Asia, Sony Music Leisure and Common Music Group not too long ago fashioned their very own reside music JV in Tokyo.
The corporate, 9 By 9 Inc., was integrated on April 1 with a base in Shibuya and can concentrate on producing music festivals throughout the area, with a selected emphasis on supporting the worldwide growth of Japanese artists. Its first occasion is deliberate for 2027.Music Enterprise Worldwide
