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South Korea’s biggest K-pop agencies are in talks to join forces on a global music festival that could bring together the industry’s ​top stars, in what some local media have billed as a ‌Korean version of the mega US festival Coachella.

HYBE, SM Entertainment, YG Entertainment and JYP Entertainment said in a statement they are preparing to set up a joint venture ​to develop the “Fanomenon” event, a large-scale festival aimed at showcasing Korean ​popular culture to a global audience.

The talks also involve the ⁠government’s Popular Culture Exchange Committee, as the companies look for new ways ​to expand K-pop’s global footprint through industry-wide cooperation rather than individual company projects.

Fanomenon — ​a term combining “fan” and “phenomenon” — was unveiled last year by JYP founder Park Jin-young, who co-chairs the committee.

At its launch in October, Park said the ambition was to create a ​recurring mega festival starting in South Korea and eventually touring cities worldwide, ​with the aim of rivalling leading international music festivals such as Coachella.

Under Park’s vision, ‌the festival ⁠could begin as early as 2027 in South Korea, followed by overseas editions from 2028, featuring a broad lineup spanning K-pop and other elements of Korean popular culture.

The discussions come amid a broader push by President Lee ​Jae Myung to ​promote the K-pop ⁠industry, after assigning Park to spearhead those efforts and pledging strong government backing while staying out of artistic decisions.

The ​companies stressed, however, that discussions remained at an early stage ​and ⁠no concrete business plans, schedules or operating structures had been finalised. They said the joint venture was being considered as a possible model for cooperation and that ⁠required procedures, ​including filing with the Fair Trade Commission, ​were under way.

Decisions will be made cautiously as talks continue, the companies said, taking into account ​market conditions and views across the industry.