South Korea’s biggest entertainment companies are reportedly joining forces to stage a large-scale K-pop festival that could rival global events like Coachella.

Industry giants HYBE, SM Entertainment, YG Entertainment and JYP Entertainment are said to have entered into an agreement to begin preparations for the project. Reports indicate that a business combination proposal has already been submitted to South Korea’s Fair Trade Commission.

Tentatively titled “Fanomenon,” the festival aims to bring in one stage K-pop's biggest acts. It could debut as early as 2027 in South Korea, with plans to expand into touring editions across major global cities starting in 2028.

The companies emphasized, however, that discussions remain in the early stages, with no finalized plans, schedules, or operational structures in place at this time.