Four major K-pop agencies establish company with equal capital contributions
Park Jin-young, co-chair of the Presidential Committee on Popular Culture Exchange, explained why the global K-pop festival Fanomenon is being organized under private-sector leadership. The decision was based on the view that, given the nature of the event, it would be more appropriate for the K-pop industry to take the lead than for the government to lead it directly.
At a parliamentary audit by the National Assembly’s Culture, Sports and Tourism Committee on the 7th, Co-Chair Park said in a work report on the Presidential Committee on Popular Culture Exchange: “The committee plans and develops ideas between the government and private companies, then decides whether implementation will be government-led or private-sector-led, depending on the nature of each project. We concluded that, given the nature of the project, the Fanomenon awards ceremony and festival should be led by the private sector.”
Major K-pop agencies in South Korea have also established a separate company to move the event forward.
Co-Chair Park said, “To carry out the work under private-sector leadership, the four major K-pop agencies established a company together for the first time, with each contributing the same amount of capital and holding the same voting rights.”
Fanomenon is a large-scale K-pop and K-culture event scheduled to take place next December. It has been planned as a combination of K-pop concerts, a fandom awards ceremony, and exhibition and hands-on programs by K-culture companies.
The event’s name combines “Fan” and “Phenomenon” and conveys the idea of “a phenomenon created by fans.” The aim is to regard fans not simply as consumers of content, but as participants in the spread of K-culture.
The Presidential Committee on Popular Culture Exchange plans to help plan the event and set its direction, while having the private sector take the lead in its actual operation.
This article has been translated by GripLabs Mingo AI.
