South Korea’s biggest entertainment powerhouses, SM, JYP, YG, and HYBE, are reportedly moving to establish a joint venture called "Phenomenon" to launch a global music festival intended to compete with Coachella.

“Phenomenon” will be back by the Popular Culture Exchange Committee, spearheaded by Chairman Park Jin Young.

The project reached a critical breakthrough with the submission of a business combination report to the Fair-Trade Commission.

SM Entertainment’s is renowned for producing some of the most iconic idol groups since it was established in 1995, including EXO, Red Velvet, aespa, SHINee. It has been recognized for its strong concepts which helped shape K-pop to what it is now.

Secondly, JYP Entertainment manages popular K-pop groups such as, TWICE, Stray Kidz, ITZY, among others, which is well-known for their catchy hooks, and fresh choreographies, garnering global appeal.

Thirdly, YG Entertainment is home for groups such as BLACKPINK, BABYMONSTER, and iKON. It highlights groups performing a different appeal, showcasing bold concepts and incorporating hip-hop’s influence into a cool unique identity.

Lastly, HYBE Labels as the powerhouse of trend-setters, managing groups such as BTS, SEVENTEEN, LE SSERAFIM, and ENHYPEN. It known for its diverse musical tracks and energetic music, receiving global appeal.

“Phenomenon” intends to debut large-scale events in Korea by 2027, with the goal of expanding worldwide, transforming Korean pop culture into a touring brand.

Are you ready for K-oachella?