Psy Will Earn $7.9 Million This Year Alone Because of ‘Gangnam Style’
Whether you love it or hate it, Psy is cashing in on his hit single 'Gangnam Style.' The undeniably catchy pop tune has helped the Korean star earn $7.9 million in 2012 alone.
According to the Associated Press, a majority of the $7.9 million in earnings comes from commercial endorsements for Samsung and LG Uplus, which will generate $4.6 million for the 34-year-old star.
Although his YouTube video is fast approaching 1 billion views, the South Korean rapper, born Park Jae-sang, will make less than $1 million from the clip. It is estimated that Psy will make $870,000 from ads shown during the video, after Google takes its 50 percent cut of ad revenue.
Fans around the world have helped Psy make even more money off the song. He's earned $50,000 in CD sales, and 'Gangnam Style' has been downloaded 2.7 million times so far on iTunes. After Apple takes its 30 percent cut, Psy is left with a cool $2.4 million. Fans who stream the song are also putting money in the artist's pocket, as Psy also makes about 2 cents every time the single is played through South Korea streaming service, putting about $61,000 in Psy's bank account.
In just four months, 'Gangnam Style' broke the record for the most watched video in YouTube history. Although he did not receive a 2013 Grammy nomination, Psy has earned plenty of accolades and cash in this year, which is a testament to his song.
Watch the Psy 'Gangnam Style' Video