From breaking several Guinness World Records to performing alongside some of the biggest stars in the world — Park Jae-sang has been there, done that. Combine this with a thriving self-owned entertainment company and lucrative endorsem*nt deals and it’s no surprise that the ‘Gentleman,’ is dubbed one of the richest stars in the industry. Here’s a look at the net worth that Korean idol Psy of the ‘Gangnam Style’ fame has to his name.
In 2012, the world sat up and took notice as a sunglasses-wearing South Korean singer in a suit and tie bust out a move that’s now been famously dubbed ‘the invisible horse dance.’ All while singing about the upscale Gangnam district in Seoul — the abode of the wealthy. These, along with a combination of hilarious scenes and catchy melodies quickly made the video go viral — with parodies and reaction videos rolling in by the thousands. Soon enough, the artist had broken numerous records — raking in the money and leaving music experts scrambling to crack the code to its wild global success. Especially considering the lyrics were all in Hanguk-mal.
“One of the things I love most about this job is that it’s unpredictable,” the star told New York Times in an interview before adding, “We say among ourselves we’re in the ‘lid business’ — because you don’t know what you’ve got until you open it.” The track — titled Gangnam Style — thrust Park Jae-sang (Psy) in the global headlines, bringing him numerous endorsem*nts and increasing his net worth exponentially. Since then, he’s opened his own entertainment company and collaborated with big stars — the most recent being with BTS lead rapper Suga for That That. Over the years, his fortune has only grown — supporting his luxurious investments in the process. Here’s all about it.
Psy’s net worth
According to multiple sources, the artist’s net worth sits at about USD 60 million (INR 499 crore approx.) This is significantly greater than Psy’s net worth in 2012 — the year Gangnam Style was released — which Korea Times estimated to be USD 28 million (INR 232 crore approx.) under a 7:3 profit-sharing contract with YG Entertainment. A large part of this growth is linked to his surge in popularity after the viral track which was followed by endorsem*nt deals, other chart-topping hits, and the launch of his own entertainment company.
Where it all began: Gangnam Style
Although Psy has released a series of catchy songs over the course of his nearly two-decade-long career — he’s best known for his 2012 hit dance-pop track Gangnam Style. The song has broken several Guinness World Records — being dubbed the most-viewed video online, most ‘liked’ video online, first video to be viewed more than 1 billion times on YouTube, and first video to be viewed more than 2 billion times on YouTube.
With this, the idol earned a reputation for being the first K-pop artist to crack the Western music industry. In fact, during the peak of the track’s popularity — Psy met with former U.S President Barack Obama and performed with Madonna. MTV dubbed him ‘Viral Sensation Of The Year,’ noting that the song had made a ‘permanent’ mark in ‘pop-culture history.’
No surprises thatGangnam Style had a significant impact on Psy’s net worth.A 2014 report by Forbes noted that he had made about USD 2 million (INR 16 crore approx.) from YouTube ads alone, almost all of which were from the official video. It added that — as the song went viral — the artist had allowed for it to be freely used by others, instead of centralising views to his video. This allowed him to earn from the thousands of parody videos, dance videos, and other lyric videos that used the tune. With other revenue channels included — sales on iTunes and live shows, amongst others — Psy’s total earnings from the song lie at about USD 8-10 million (INR 66-83 crore approximately).
Since then, he’s worked with several artists — including idol-actress Bae Suzy, Korean-American rapper Jessi, and American rap icon Snoop Dogg — furthering his popularity and avenues of wealth. One of his most exciting collaborations came with BTS’ Suga (Agust D), with whom he made the chart-topping, viral track That That.
Endorsem*nt deals with big brands
As his popularity grew, endorsem*nts rolled in for Psy.. A 2012 report by Korea Times called him ‘the country’s commercials icon,’ — stating that advertisers had to pay about USD 630,000 (INR 5 crore approx.) to hire him for a year. Brands he advertised with include LG U+, Cruciani, Nongshim, and Samsung Electronics.
A popular sponsor includes food company CJ Cheiljedang, which stated that it had benefited greatly from the association. This, particularly with regards to its hangover-cure drink Condition — whose sales soared after Psy’s endorsem*nt. “Given all indications, we have benefited a lot from hiring Psy as our ad model..” the brand noted, adding “We are getting lots of positive feedback from our customers for the singer pitching Condition. Its popularity has increased particularly among young consumers.’’
Another report by Korea Times adds that after the pop icon declared he loves Chamisul soju, the LA Dodgers baseball arena sold out its supply, three games in. This aside, a 2013 report adds that Psy participated in a commercial that aired at the U.S Superbowl halftime — wearing a pistachio-green blazer and grooving alongside backup dancers dressed as nuts. This alone earned him a whooping USD 3 million (INR 24 crore approx).
These figures are expected to have grown exponentially over the decade. A 2023 Times of Indiareport states that the star earns about USD 8 million (INR 66 crore approx.) from endorsem*nt deals.
Running P Nation Entertainment Company
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After terminating his contract with media giant YG Entertainment in 2018, Psy founded P Nation, with the vision to establish the country’s biggest entertainment agency. Popular rapper Jessi was the first to sign with him. “As we’re talking, K-pop is really huge, and it’s not domestic anymore,” he was quoted saying by IB Times, “ The world’s been changing: K-pop has done a great job — and big applause to BTS, of course — and that’s why so many parents are so supportive of their children pursuing being a K-pop star.”
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Other stars under his wing include Crush, Heize, Penomeco, An Shinae, Swings, and The New Six. Most recently, wildly-popular girl group Mamamoo’s singer Hwasa joined this lineup. According to a report by The Investor Korea, wireless telecommunications operator SK Telecom invested about USD 3 million (INR 24 crore approx.) in P Nation, securing a 10 percent stake in the process. Reportedly, it did this since it needed exclusive contents for its 5G services.
Luxury real estate investments and a wealthy upbringing
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A report by theTimes of India states that Psy owns a luxury condominium in Los Angeles and has invested in a coffee-shop art gallery in Itaewon, Seoul that’s worth USD 50 million (INR 415 crore). And while not much is known about his residence, many sources state he lives north of the river. South China Morning Post attributes much of Psy’s wealth to his wealthy upbringing as well. It stated that Psy’s father Park Won-ho is the chairman of Di-Corp semiconductor company and his mother owns several restaurants in the South Korean capital. Interestingly, when Gangnam Style took off, stocks of Di-Corp soared over USD 101 million (INR 840 crore approx.), despite having no connection to the company.
All images: Courtesy Psy/P Nation
Frequently Asked Questions (FAQs)
1. Is PSY a part of YG?
Psy was signed with YG Entertainment from 2010-2018, after which he founded his own company, P Nation.
2. Is PSY a Korean artist?
Psy is a South Korean pop singer.
3. Why is Gangnam Style so popular?
Although the formula behind the success of Gangnam Style hasn’t been determined, most experts and media sources credit a combination of catchy lyrics and choreography (read, horse dance) as well as Psy’s hilarious screen presence.
4. Is Psy Chinese or Korean?
Psy is a South Korean musician.
