South Korea's four dominant K-pop labels — SM Entertainment, YG Entertainment, JYP Entertainment, and Hybe, whose rosters collectively include BTS, Blackpink, and Twice — are in preliminary talks to launch a joint global music festival tentatively called Fanomenon. The venture, which involves a public-private partnership with South Korea's Presidential Committee on Popular Culture Exchange, is targeting a December 2027 debut in South Korea, with international tours planned from 2028 onward. The festival, conceived as a rival to events like the Coachella Valley Music and Arts Festival, would require the companies to form a joint entity, and they have already filed a corporate merger notification with South Korea's competition regulator, the Korea Fair Trade Commission.