09/10/2026
Singer Park Jin-young, founder of JYP Entertainment, defended the new government-backed awards show titled “Fanomenon” as a major financial sacrifice by K-pop’s four largest agencies, in response to parliamentary scrutiny over whether the companies had received preferential treatment.
“It’s a project built on years of sacrifice from the four K-pop agencies,” Park said during a National Assembly audit held in western Seoul on Wednesday.
Park voluntarily attended the annual parliamentary audit of the Ministry of Culture, Sports and Tourism as the co-chair of the Presidential Committee on Popular Culture Exchange.
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📸NEWS1, YONHAP
J.Y. Park Finally Testifies at the National Assembly
On October 7, J.Y. Park testified at a National Assembly audit over “FANOMENON,” a global K-pop festival.✅
Led by the Presidential Committee for Popular Culture Exchange, FANOMENON is a major K-pop event featuring HYBE, SM, YG, and JYP, combining live performances with fandom and Korean culture.
J.Y. Park appeared as a witness in his role as co-chair of the Presidential Committee for Popular Culture Exchange, not as a JYP executive director.
The event has drawn criticism over alleged preferential treatment for the four major entertainment companies, as well as JYP’s decision to file the FANOMENON trademark ahead of others.
J.Y. Park argued that this was “not preferential treatment, but a sacrifice,” saying the companies could make two to three times more by holding their own concerts, yet were willing to take losses worth hundreds of billions of won.
He said the decision was driven by a long-term vision for K-pop and its potential to benefit other industries, including tourism, dining, and retail, rather than by short-term profits.📢
On JYP’s trademark filing, he said the company filed first to prevent someone else from claiming the name, while acknowledging that the process was not handled appropriately.
He added that closer cooperation between the government and the entertainment industry is needed to take K-pop to the next level.
📸 Source: KBS
THE PRES
