[National Assembly audit] Park Jin-young leads first-ever alliance of four major agencies; ‘Phenomenon’ set to launch next December

Park Jin-young, co-chair of the “Popular Culture Exchange Committee,” has officially announced that leading South Korean entertainment companies have joined forces to ensure the successful launch of the global K-pop festival “Phenomenon.” The plan is to build a sustainable global cultural platform by combining private-sector expertise and capital, moving beyond one-off events led by the government.

Alliance beyond K-pop rivalry aims to build private-sector global K-culture platform

Park appeared as a witness at the National Assembly’s “Culture, Sports and Tourism Committee” audit on the 7th and presented a report on the committee’s work. “After coordinating plans and ideas between the government and private companies, we decided to determine the entity responsible for execution based on the nature of each project,” he said. “We concluded that ‘Phenomenon,’ which combines an awards ceremony and a festival, should be led by the private sector given the nature of the event.”

The unprecedented cooperation among the “four major K-pop agencies” is particularly notable. “The four agencies have established a joint venture for the first time to ensure efficient, private-sector-led operations,” Park said. “Each company has contributed the same amount of capital and holds equal voting rights, creating a transparent governance structure.” The move is having a positive ripple effect across the entertainment industry because major agencies that had been fierce competitors have united around the broader goal of expanding K-culture’s global reach.

Scheduled for next December, “Phenomenon” will be a comprehensive cultural festival that goes beyond a simple music performance. The large-scale event is designed to organically combine a K-pop concert, a global fan awards ceremony, and exhibitions and interactive programs featuring companies connected to K-culture. The event’s name combines “Fan” with “Phenomenon” and embodies the philosophy of a “phenomenon created by fans.” It represents a declaration that fans will be elevated from mere consumers to key partners who expand and lead the K-culture ecosystem.