Economic effect of PSY's "Gangnam Style"

How much money did PSY the singer, a pop music artist, make with his "Gangnam Style" album? Along with the sales of the music video, advertisements and concert tickets, the initial estimate is around 10 billion won (about $9 million).

The earnings from the album is still confined to domestic sales. As compared to the top "Idol" groups, who pick up as much as 70-80 percent of their revenues in Japan, PSY is more popular in the United States.

According to Gaon Chart, downloads from songs in PSY's sixth album has reached 6.4 million and streaming 47.8 million. Online and offline sales of the issue has reached 30,000 which alone is valued at 800 million won ($750,000). He also made 3 billion won ($2.6 million) from a concert Aug. 11 along with another 2 billion won ($1.8 million) from sponsorships and advertisements, contracts for which are currently under negotiation.

Of more importance is revenues expected from the U.S. market. Songs distributed through various online avenues are usually 10 times higher than those sold in Korea and this translates to billions of won is additional sales..

According to Social Times, 100 million hits on the internet is worth about $100,000, indicating that estimates of 10 billion won in sales is merely a tip of the iceberg.

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