The Business Side of Gangnam Style: The Tens of Million Dollars PSY Has Raked in So Far
By Erik Pineda | December 6, 2012 11:49 AM EST
It is estimated that PSY, whose legal name is Park Jae-sang, will add up $US8.1 million to his bank account in 2012 alone - all courtesy of the worldwide downloads that his super hit single has inspired and the hundreds of millions YouTube hits he attracted, The Associated Press reported on Thursday.
As of the last count, Gangnam Style has accumulated 880 million hits on the popular video sharing site operated by internet giant Google while purchase of the song via commercial downloads has already hit 2.9 million in the United States, based on data provided by Nielsen SoundScan.
It is interesting to note that via official download channels in America, mostly in iTunes of course, the once unknown PSY will make $US2.6 million but in his native land the best he would take home is around $US60,000 only, no thanks to his countrymen, AP said.
This indicates that while the Korean pop star has become a big name in his own country, he is even bigger in the United States and other parts of the world, prompting his recent spate of appearances on popular TV shows in Australia and America.
And the stardom that PSY has recently found, which saw him playing around with UN top man Ban Ki-moon, himself a South Korean, is now translating into cash and loads of them. Apart from the proceeds of his Gangnam Style video hits and downloads, PSY is poised to enrich his wallet on numerous TV commercial spots.
He is the new face for specific businesses of big time Korean brand names Samsung and LG and has even agreed to front for a noodle-making firm. Citing data from Kyobo Securities in South Korea, AP said PSY has secured brand endorsement deals that will get him a total pay check of $US4.6 million this year.
But the question now begs: Will the PSY-fever last enough for him to be regarded as one of the entertainment world's A-listers? PSY is slated to issue a nee collection of songs March 2013 and the manner the world reacts to that album will determine his future fate, according to entertainment and market analysts.
Regardless, while PSY watchers speculate how he plots his next move the Korean artist has at least amassed enough Gangnam Style money to last him a lifetime, if he plays it safe and wise, financial experts said.
And the good fortune has somewhat spread on his immediate circle. DI Corp, a firm run by his family, saw its shares value climbing at the same time that Gangnam Style was spawning tsunami waves and hitting every possible shores around the world, AP said.
Also, Yang Hyun-suk, CEO of YG Entertainment, the management firm representing PSY, is now considered as one of the richest man in South Korea's entertainment industry. His latest net work was placed by AP at around $US200 million.
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