Psy: The Rapper Who Conquered The World

So, Just How Rich Is Psy?

Psy, the South Korean rapper with a net worth of $60 million, isn’t just any ordinary entertainer. He shot to global fame with his unforgettable hit, "Gangnam Style," a catchy tune that took YouTube by storm. The man behind the music video is none other than Park Jae-Sang, better known as Psy, a name that resonates with millions worldwide.

Before becoming a global sensation, Psy was already a well-known figure in South Korea, but not exactly in the typical K-pop mold. Unlike the polished, youthful stars dominating the K-pop scene, Psy is refreshingly different. He's older, unapologetically quirky, and brings a unique style to the table. His journey wasn't always smooth; he faced criticism and controversies, including dropping out of Berklee Music School and producing tracks with lyrics that often landed him in hot water. Despite the challenges, Psy's talent shone through, earning him numerous accolades and a loyal fan base.

After completing his mandatory military service, Psy discovered that his service wasn’t legitimate, forcing him to re-enlist for two more years. This unexpected setback left him unable to make music and pushed him into financial hardship. Eventually, he signed with YG Entertainment, a prominent Korean music label owned by a friend. Despite initial pushback from fellow artists, Psy’s second album with the label skyrocketed him to international superstardom.

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How Much Did Psy Cash In on "Gangnam Style"?

Thanks to the astronomical success of "Gangnam Style," Psy raked in a massive fortune during the song's first year alone. With over 7 billion views on YouTube, the ad revenue sharing alone amounted to millions. The song was downloaded over 4 million times on iTunes, earning Psy approximately $4 million. While his streaming revenues were relatively modest at $500,000, he also pocketed around $8 million from endorsement deals with brands like Samsung. Altogether, the success of "Gangnam Style" netted Psy over $20 million before taxes and management fees.

Psy’s Family Hit the Jackpot Too

Interestingly, the success of "Gangnam Style" wasn't just a boon for Psy—it also benefited his family. During the height of the song's popularity, the stock of his father’s publicly traded company soared, adding an estimated $30 million to the family’s wealth. For more insights into this unexpected windfall, check out our article on how the "Gangnam Style" Rapper’s Family Made Millions.

The Early Days: Psy’s Humble Beginnings

Born Park Jae-Sang on December 31, 1977, in the prestigious Gangnam District of Seoul, South Korea, Psy grew up in a well-to-do family. His father, Park Won-Ho, is the chairman of DI Corporation, while his mother, Kim Young-Hee, is a successful restaurateur. Despite his privileged background, Psy wasn’t the typical straight-A student. At Sehwa High School, he earned a reputation as the class clown, infusing his classes with laughter and a lighthearted energy. His passion for music was ignited by the legendary band Queen, particularly their iconic track "Bohemian Rhapsody."

Psy initially planned to study business administration at Boston University but quickly lost interest. Instead, he channeled his leftover tuition money into musical instruments and equipment. After dropping out of BU, he enrolled at Berklee College of Music but eventually returned to South Korea to pursue a career in music. This decision marked the beginning of his journey toward becoming one of the most celebrated artists in the world.

Breaking Through the Noise: Psy’s Early Career

In January 2001, Psy released his debut album, "PSY… From the Psycho World." However, it wasn’t all smooth sailing. The South Korean government fined him for inappropriate content on the album. His second album in 2002 stirred up even more controversy due to its explicit lyrics. Psy's third album, released in 2003, marked a turning point, achieving significant success. Around this time, he joined the South Korean military as part of the mandatory service required for all men aged 18 to 35.

Psy was initially excused from military duty in 2005 due to his work at a software development company, but state prosecutors accused him of neglecting his responsibilities to focus on his music career. As a result, he was redrafted and didn’t complete his service until July 2009. During this period, financial difficulties prevented him from releasing new music. However, in 2010, he joined YG Entertainment and released his fifth album. Despite its lead single, "Right Now," being banned for audiences under 19, Psy continued to dominate the domestic charts but hadn't yet broken into the international scene.

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The Phenomenon That Is "Gangnam Style"

Psy’s life changed forever with the release of his sixth album, "Psy 6 (Six Rules), Part 1." The song "Gangnam Style" didn't just break into the global music scene—it exploded. On August 21, 2012, the song topped the iTunes Music Video Charts, surpassing megastars like Justin Bieber and Katy Perry. Since its release on July 15, 2012, the video has amassed over 3 billion views on YouTube, making it the most-liked and viewed video in YouTube history. It’s been parodied countless times, even making an appearance on "Saturday Night Live," where Psy made a surprise guest appearance.

Thanks to the massive success of "Gangnam Style," Psy became a household name, appearing on shows like "The Today Show" and "The Ellen DeGeneres Show." On November 24, 2012, "Gangnam Style" officially became the most-viewed video in YouTube history. The song has been celebrated worldwide, earning praise from political leaders such as President Barack Obama and British Prime Minister David Cameron. To date, the video has accumulated an astonishing 3.5 billion views.

Psy's Gangnam Style:

What Happened After "Gangnam Style"?

In November 2012, Psy delivered a speech at the Oxford Union in England, where he discussed the inspiration behind "Gangnam Style." He described life post-"Gangnam Style" as both a dream and a nightmare, acknowledging the pressure to replicate its monumental success. That same month, Psy became only the second South Korean artist to perform at the MTV Europe Music Awards. Riding the wave of his newfound fame, he signed with Justin Bieber’s manager, Scooter Braun, and his label, Schoolboy Records. Psy went on to release two more albums, both of which enjoyed varying levels of success. In 2019, he founded his own company, P Nation, signing artists like Hyuna and Dawn to expand his musical empire.

The Man Behind the Music: Psy’s Personal Life

Psy married Yoo Hye Yeon in October 2006, and the couple now has twin daughters. However, his life hasn’t always been smooth sailing. In late 2001, he was arrested for possession of marijuana, resulting in a fine and a 25-day jail sentence. This incident prevented him from attending his grandfather’s funeral and saying his final goodbyes, a moment he deeply regrets.