SEOUL — South Korea’s entertainment powerhouses—HYBE, SM Entertainment, JYP Entertainment, and YG Entertainment—have officially teamed up to establish a dedicated corporate entity for the upcoming global K-pop festival "Phenomenon," slated for December next year.

Industry insiders revealed on Tuesday that "Phenomenon Co., Ltd." finalized its corporate registration at the Seoul Central District Court Registry Office late last month. Headquartered in Seoul’s Yeongdeungpo district, the newly minted firm will oversee the overall production, scheduling, and execution of the festival, while also taking charge of related intellectual property and trademark assets.

The establishment of the joint venture comes on the heels of a trademark ownership settlement. Earlier, the Ministry of Culture, Sports and Tourism (MCST) secured a 50% share in the Phenomenon trademark, matching the remaining 50% held by JYP Entertainment, which initially filed the rights. The partnership follows minor controversies regarding the initial single-agency trademark filing, prompting the government and industry stakeholders to ensure a balanced, multi-agency cooperative structure.

To guarantee fair representation, the leadership board features executive figures from all four entertainment labels. Park Yoon-seo, a veteran executive with prior experience at both HYBE and JYP, takes the helm as chief executive officer. The board of non-executive directors consists of one representative from each major agency: Shin Hyun-guk (JYP), Yoon Han-gil (HYBE), Won Woo-hyun (SM), and Kim Jung-jib (YG), alongside corporate auditor Kim Moo-hyun.

Scheduled for debut in December next year, Phenomenon is designed as a flagship, private sector-driven cultural extravaganza. The multi-faceted event will integrate live K-pop performances, fandom-centric award ceremonies, and interactive experiential zones for K-culture businesses. Deriving its name from the fusion of "Fan" and "Phenomenon," the festival aims to celebrate fans as the driving force behind the global expansion of Korean culture rather than passive consumers.

[ⓒ Global Economic Times. 무단전재-재배포 금지]