Psy Net Worth (Money & Salary)

What Is Psy’s Net Worth?

The net worth of South Korean rapper Psy stands at $60 million. He shot to international fame almost instantly with his catchy hit single and YouTube music video “Gangnam Style.”

To audiences beyond South Korea, Park Jae-Sang, better known as Psy, seemed to have emerged out of nowhere. His single “Gangnam Style” became a global phenomenon and ranks among the most-viewed videos on YouTube. Before gaining overseas popularity, he was sometimes viewed as a controversial figure in Korea. In contrast to the majority of K-pop stars, who tend to be exceptionally attractive, youthful, and well-trained in music, dance, and acting, Psy is older, heavier, and dances freely as he pleases. He even dropped out of Berklee Music School and often releases tracks containing lyrics that can lead to bans or a restriction label of “Ages 19+ only.” Despite winning many music awards, he faced significant backlash from various civil groups in Korea.

After fulfilling his mandatory military duties, Psy learned that his service was deemed illegitimate, requiring him to serve an additional two years. This left him unable to create music and resulted in financial difficulties, ultimately prompting him to join YG Entertainment, a renowned Korean music label owned by a friend. His signing was met with discontent from other artists on the label, which primarily targeted the teen audience. Nevertheless, their concerns were unfounded, as the first single from his second album with YG Entertainment propelled him to international superstardom.

How much money did Psy make from “Gangnam Style”?

The phenomenal success of “Gangnam Style” allowed Psy to earn a considerable amount in the first year after its release. With 7 billion views on his video, he generated millions in ad revenue. From 4 million downloads on iTunes, he made roughly $4 million. Streaming revenues, however, are relatively modest, totaling about $500,000. Additionally, he has secured approximately $8 million from endorsement contracts with brands like Samsung. In total, the extraordinary success of “Gangnam Style” has enriched Psy by over $20 million before accounting for taxes, manager fees, and other deductions.

Psy’s family has made Millions as Well

An intriguing development occurred for Psy and his family amid the “Gangnam Style” craze. Remarkably, the stock prices of his father’s publicly traded company surged during the period when Psy’s single was gaining traction. For more insights into this phenomenon, check out our article on how the Gangnam Style Rapper’s Family Just Made $30 Million.

Early Life

Psy, born as Park Jae-Sang on December 31, 1977, hails from the Gangnam District of Seoul, South Korea, and comes from a wealthy background. His father, Park Won-Ho, serves as the chairman of DI Corporation, while his mother, Kim Young-Hee, runs a restaurant. Psy attended Sehwa High School, where he gained a reputation as a class clown due to his lack of interest in academics. Former classmates have noted that he brought a contagious and cheerful energy to the classroom. His passion for music was ignited by the band Queen, especially their iconic track “Bohemian Rhapsody.” Although he initially planned to enroll at Boston University, he eventually lost interest in his academic pursuits.

By the time he arrived in the U.S. and commenced his classes, he had already pursued business administration studies. Psy utilized his remaining tuition funds to purchase musical instruments and equipment. He left Boston University (BU) to enroll at Berklee College of Music but eventually dropped out to head back to South Korea to chase a music career.

Early Career

In January 2001, he launched his debut album, “PSY… From the Psycho World.” This release led to a fine from South Korean government authorities due to its inappropriate content. His follow-up album in 2002 also generated controversy because of explicit themes. After the launch of his third album in 2003, which marked his first significant success, Psy entered the South Korean military for mandatory service required of all males aged 18 to 35. In 2005, he received an exemption due to his employment at a software development firm, which allowed him to be excused from military duties. He made a return in 2006 with a fourth album that earned accolades at the SBS Music Awards that year. However, during this period, state prosecutors claimed Psy was neglecting his responsibilities in favor of his music career, prompting the court to redraft him, and he remained on duty until July 2009. Financial difficulties hindered his ability to release new music. In 2010, he signed with YG Entertainment and released his fifth album, featuring the lead single “Right Now,” which was restricted for audiences aged under 19. Despite having topped South Korea’s music charts multiple times, he had not yet gained international recognition.

“Gangnam Style”

The release of his sixth album, “Psy 6 (Six Rules), Part 1,” transformed everything for Psy. The track “Gangnam Style” entered the global mainstream music scene with astounding success; calling the video’s virality an understatement would be an accurate description. On August 21, 2012, the song ascended to #1 on the iTunes Music Video Charts, surpassing artists like Justin Bieber and Katy Perry. Since its debut on July 15, 2012, “Gangnam Style” has amassed over 3 billion views on YouTube, reaching #1 on the iTunes sales chart and becoming the most-liked and viewed video in YouTube’s history. The song has seen numerous parodies worldwide, including one on “Saturday Night Live,” where Psy made a surprise appearance. Following the success of “Gangnam Style,” Psy has been featured on programs like “The Today Show” and “The Ellen Degeneres Show.” By November 24, 2012, “Gangnam Style” had become the most-viewed video on YouTube ever. The song received praise from various figures, including political leaders such as President Barack Obama and British Prime Minister David Cameron. Currently, the YouTube video boasts approximately 3.5 billion views.

Psy’s Gangnam Style:

Life After “Gangnam Style”

In November 2012, at the Oxford Union in England, Psy delivered a speech where he talked about the inspiration behind the song. He portrayed life after “Gangnam Style” as both a dream and a nightmare, acknowledging that replicating the previous success with his next song would be virtually impossible. Later that month, only the second South Korean music artist, Psy made an appearance at the MTV Europe Music Awards. Riding high on the success of “Gangnam Style,” he signed with Justin Bieber’s manager, Scooter Braun, and his Schoolboy Records in 2012. He went on to release two more albums with varying levels of success, and in 2019, he established his own company, P Nation. Since then, he has signed several artists including Hyuna and Dawn.

Personal Life

Psy tied the knot with Yoo Hye Yeon in October 2006, and together they have twin daughters. In late 2001, he faced legal issues for marijuana possession, which led to a fine and a 25-day jail sentence. Consequently, he was unable to bid farewell to his grandfather at his funeral.