Press briefing on the announcement of the 2027 Fanomenon implementation plan The government will work with HYBE, SM, JYP, and YG to promote the global festival Fanomenon J.Y. Park emphasized, “The first goal is public interest. It will generate revenue every year later.”
사진 확대 J.Y. Park answers questions about the Fanomenon implementation plan. Photo | News1
J.Y. Park, co-chair of the Presidential Committee on Popular Culture Exchange, expressed confidence in hosting the new global festival Fanomenon and stressed that it would generate revenue.
On the 27th, a press briefing on the announcement of the 2027 Fanomenon implementation plan was held at the National Museum of Modern and Contemporary Art, Seoul in Samcheong-dong, Jongno District, Seoul. Minister of Culture, Sports and Tourism Choi Hwi-young and J.Y. Park, co-chair of the Presidential Committee on Popular Culture Exchange, attended the event.
The music division of the Presidential Committee on Popular Culture Exchange will promote the Fanomenon event with four companies: HYBE, SM Entertainment (SM), JYP, and YG Entertainment. The four entertainment companies have also established a joint venture to launch a global K-pop festival.The joint venture was created as a model for cooperation to explore the potential for expanding K-culture, including K-pop, in the global market.
With a massive budget expected, Minister Choi said, “This is an enormous event and something unprecedented. We are constantly thinking about what kind of funding we should use to shape it. Events led by the government will naturally be planned in various ways.”
The event is expected to be structured around revenue-generating elements such as paid ticketing and sponsorships. Choi repeatedly emphasized, “A structure that can generate revenue is the top priority,” and added, “We will work closely with private companies in the entertainment industry to build this into a major event.”
J.Y. Park also said, “It will make money. It is impossible to attract private companies and artists’ agencies from around the world to something that does not make money. More companies will participate enthusiastically when there is a chance to generate revenue.”
He added, “The primary goal is public interest. We cannot follow the principles of capital alone, so there will be government support, but the ultimate goal is to make this a global event that can turn a profit.”
He also noted, “Not only domestic entertainment companies but also the active participation of everyone involved from the beginning will determine the fate of this event. Fortunately, the companies and artists from the four firms currently understand the purpose of the event.”
사진 확대 J.Y. Park, right, and Minister Choi Hwi-young, left, answer questions about the Fanomenon implementation plan. Photo | News1
The Fanomenon event is scheduled to be held at Seoul Arena in Chang-dong and KINTEX Exhibition Hall 2 in Ilsan, Goyang. Seoul Arena will host concerts, awards ceremonies, and exhibitions of nominees by category, while KINTEX will feature a music festival as well as K-culture company exhibitions and hands-on experiences. The event will run for a total of 11 days, with an emphasis on maintaining a festival atmosphere.
The event aims to promote the global growth of K-culture, expand the number of foreign visitors to Korea, and encourage repeat visits by hosting a large-scale K-culture festival that brings together the specialized capabilities of various K-culture fields.
Meanwhile, J.Y. Park was appointed co-chair, at ministerial level, when the Presidential-affiliated agency, the Presidential Committee on Popular Culture Exchange, was launched in October last year. As co-chair with Minister Choi of the MCST, he has taken on a role that extends beyond his own agency, JYP Entertainment, to oversee the broader entertainment industry. He resigned from his position as an inside director at the company to focus on the role.
This article has been translated by GripLabs Mingo AI.