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South Korean singer PSY’s life has changed since “Gangnam Style” became a breakout international sensation over the summer and it could make him very rich as well. He could earn $7.9 million from the track alone.
The Associated Press found that even though he will only earn $60,000 from music sales in his home country, the huge YouTube success that the video has become is a cash cow. It’s the most-watched video in YouTube history with over 880 million views and his entire official YouTube channel has over 1.3 million views. TubeMogul estimates that he and his agent YG Entertainment could make $870,000 from ad revenue from the video.
The song has also been downloaded 2.7 million times from iTunes in the US alone. It sells for $1.29 per download and PSY could see $2.4 million of the revenue from the track.
PSY has also signed commercial deals, which could be worth up to $4.6 million, analyst Chung Yu-seok told the AP.
Mashable notes that PSY’s family also owns 30 percent of DI Corp, a South Korean company that manufactures equipment to make computer chips. Although “Gangnam Style” doesn’t have much to do with making computer chips, the stock price has doubled for the company since the song became a hit.
PSY now has to deal with the pressure of making sure that he is not a one-hit wonder. His first album since finding international fame is due out in March.