People who remember 2012 should remember Psy. After all, that was when the South Korean singer and songwriter came roaring out onto the international stage with his single "Gangnam Style," which can claim the honor of being the first YouTube video to having one billion views.
With that said, it is important to note that Psy was making music well before that point in time, so it should come as no surprise to learn that sources estimate that he has a current net worth of around $60 million.
How Did Psy Reach His Current Net Worth?
In short, Psy is the stage name for Park Jae-sang, with Park being his family name and Jae-sang being his personal name. He comes from a rich background, seeing as how his father is the executive chairman of a corporation listed on the Korea Exchange while his mother is the owner of multiple restaurants.
In fact, it should be mentioned that Psy was born in Gangnam District, which is a part of Seoul that is famous for its style, its educational excellence, its shopping opportunities, and the incredible wealth of its residents.
When he was still in school, Psy was the class clown, meaning that his particular sense of humor can be traced to that time at the very latest. As for music, the man himself has said that he became interested by watching a Korean program on foreign pop music that was showing a Queen concert when he was at the age of 15.
Dropped out of College
Due to this, Psy made some significant changes to his life plan. Initially, he was supposed to attend Boston University so that he could succeed his father at his corporation. However, Psy attended just a single semester before dropping out so that he could attend Berklee College of Music instead. There, he took some core courses before heading home to become a singer and songwriter without having completed a degree at either school.
By 2000, Psy had managed to get his first appearance on national TV in South Korea because of his unusual dancing, which had captured the interest of a TV producer. By 2001, Psy had managed to release his first full-length album called Psy from the Psycho World!, which got him fined by the South Korean authorities because of what was considered to be "inappropriate content."
Soon enough, Psy released a second album called Sa 2, which proceeded to cement his status as a controversial artist when it proceeded to get banned from being sold to consumers under the age of 19. It wasn't until Psy's third album that he managed to get his true breakthrough, seeing as how it secured him a wave of positive response in spite of continuing controversy.
In fact, it should be noted that Psy's career continued to be troubled by controversy for some time, as shown by how he had to join up with YG Entertainment in 2010 because his financial difficulties meant that he was no longer able to release his music on his own. Perhaps unsurprisingly, the subsequent fifth album was once again banned from being sold to consumers under the age of 19, though it garnered him more fame as well as further positive responses in the form of awards and accolades.
In 2012, Psy released his sixth album, which included the single "Gangnam Style." To his surprise as well as the surprise of everyone else, the single proved to be a massive hit in not just South Korea but also other countries situated all around the world, with the result that it soon started overtaking its competitors in popularity.
Some people have tried to explain its popularity by pointing to its catchiness, the hilarious images in its music video, and even its meaning, seeing as how "Gangnam Style" is essentially mocking the people who boast about being the kind of high class associated with the actual district. Whatever the case, "Gangnam Style" proved to be very popular, which amusingly enough, actually caused Psy some stress because of the expectation of having to live up to his own success.
Continuing to Release New Music
Since that time, Psy has continued to release new music. As a result, he has released a total of eight albums. Moreover, Psy has left YG Entertainment, which was followed up by him founding his own record label and management agency called P Nation. Currently, P Nation is home to Psy plus three other artists, but since the company was just founded in January of 2019, it will be interesting to see what will become of it as well as its artists in the times to come.
In any case, it should come as no surprise to learn that most of Psy's wealth has been built up through his music as well as his music-related activities. In particular, it is worth mentioning that "Gangnam Style" was such a huge hit that it was responsible for bringing in millions and millions. To be exact, Korea Times reported that Psy managed to earn more than $40 million through a combination of concerts, commercials, and social media revenues because of the single. Due to this plus his 7:3 profit-sharing arrangement with YG Entertainment, this meant that he brought in $28 million for himself in just 2012.
At this point in time, Psy's career is continuing on. However, the chances of another "Gangnam Style" seem pretty low to say the least, seeing as how it is the kind of colossal success that defines an entire career. As such, it seems likely that Psy's net worth won't be seeing huge jumps like the one that happened in 2012. However, depending on how his company performs as well as how his music career continues to proceed, it seems safe to say that it will continue to rise for the foreseeable future.
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Written by Allen Lee
Read more posts by Allen Lee