Psy Net Worth (Money & Salary)

What Is Psy’s Net Worth?

Psy, a rapper from South Korea, boasts a net worth of $60 million. His catchy hit single and YouTube music video “Gangnam Style” quickly catapulted him to international fame.

For those outside South Korea, Park Jae-Sang, known as Psy, seemingly emerged out of nowhere. His massively successful single “Gangnam Style” took the globe by storm, becoming one of the most viewed videos ever on YouTube. Prior to his international breakthrough, Psy was regarded as a controversial figure in Korea. Unlike the majority of K-pop stars who are typically young, attractive, and highly trained in music, dance, and acting, Psy is older, chubby, and dances freely, having dropped out of Berklee Music School. His lyrics often lead to bans or age restrictions on his songs. Despite receiving multiple music awards, he faced criticism and hostility from various civil groups in Korea.

Upon finishing his mandatory military service, Psy discovered his service was deemed illegitimate, resulting in an additional two years in the military. This period of inactivity left him financially strapped, prompting his decision to join YG Entertainment, a popular music label in Korea owned by a friend. Other artists associated with the label expressed their discontent with his signing, primarily since the label catered to a teen audience. However, their concerns were laid to rest when the first single from his second album with YG launched him into global superstardom.

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

The remarkable success of “Gangnam Style” resulted in Psy earning a small fortune in the first year following its release. His 7 billion video views have translated into millions from advertising revenue sharing. Furthermore, with 4 million iTunes downloads, Psy made approximately $4 million. Nonetheless, his streaming revenues are considerably modest, totaling around $500,000. Psy has also secured an estimated $8 million through endorsement agreements with brands such as Samsung. Overall, the phenomenal success of “Gangnam Style” has netted Psy more than $20 million, excluding taxes, manager fees, and other deductions.

Psy’s family has made Millions as Well

An interesting development for Psy and his family occurred during the “Gangnam Style” phenomenon, as the stock of his father’s publicly traded company soared concurrently with the explosive popularity of Psy’s single. For further details regarding this occurrence, refer to our article on how the Gangnam Style Rapper’s Family Just Made $30 Million.

Early Life

Born Park Jae-Sang on December 31, 1977, Psy hails from the Gangnam District of Seoul, South Korea, and comes from an affluent background. His father, Park Won-Ho, serves as the chairman of DI Corporation, while his mother, Kim Young-Hee, is involved in the restaurant business. Psy attended Sehwa High School, where he gained a reputation as the class clown due to his disinterest in academics. Former classmates recall his ability to bring a lighthearted and infectious energy to the classroom. His passion for music was influenced by the band Queen, particularly their song “Bohemian Rhapsody.” Originally, he intended to attend Boston University but ultimately lost interest in his studies.

When he arrived in the U.S. and began attending classes, Psy was pursuing studies in business administration. He decided to utilize his remaining tuition funds to purchase musical instruments and equipment. After dropping out of Boston University, he enrolled at Berklee College of Music but eventually left to go back to South Korea to chase a music career.

Early Career

His debut album, “PSY… From the Psycho World,” was released in January 2001. For inappropriate content in the album, he faced penalties from South Korean government authorities. His second album in 2002 also generated controversy due to its explicit material. After releasing his third album in 2003, which marked a significant success, Psy was conscripted into the South Korean military, a mandatory service for all men aged 18 to 35. In 2005, he was granted an exemption from the military due to his previous work at a software development firm. His fourth album, released in 2006, garnered accolades at the 2006 SBS Music Awards. During this period, Psy was accused by state prosecutors of neglecting his military duties in favor of his music career. Consequently, the court ordered his re-drafting, 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 launched his fifth album. Its lead single, “Right Now,” received a ban from viewers under 19 years old. By this time, Psy had reached the top of the domestic music charts multiple times but hadn’t yet made a mark on the international stage.

“Gangnam Style”

The release of his sixth album, “Psy 6 (Six Rules), Part 1,” transformed everything for Psy. The track “Gangnam Style” made a tremendous impact on the global music scene, and the video’s virality was unprecedented. On August 21, 2012, the song reached the #1 position 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. The song not only topped the iTunes sales chart but also became the most-liked and viewed video in YouTube’s history. Its widespread success led to numerous parodies worldwide, including one on “Saturday Night Live,” where Psy made a surprise guest appearance. Due to the massive success of “Gangnam Style,” Psy featured on programs like “The Today Show” and “The Ellen Degeneres Show.” On November 24, 2012, it achieved the status of the most-viewed video in YouTube history. Praised by global audiences, including political figures such as President Barack Obama and British Prime Minister David Cameron, the YouTube video currently boasts 3.5 billion views.

Psy’s Gangnam Style:

Life After “Gangnam Style”

In November 2012, Psy delivered a speech at the Oxford Union in England where he elaborated on the song’s inspiration. He characterized life post-“Gangnam Style” as both a dream and a nightmare, acknowledging the challenge of matching the success of his previous hit with future releases. Later that same month, Psy made history by becoming the second South Korean artist to perform at the MTV Europe Music Awards. Capitalizing on the success of “Gangnam Style,” he signed with Scooter Braun, manager of Justin Bieber, and joined Schoolboy Records in 2012. Following that, he released two additional albums, which met with varying levels of reception, and eventually established his own company, P Nation, in 2019. Since its inception, 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. Back in late 2001, he faced legal trouble when he was arrested for marijuana possession, resulting in a fine and a 25-day jail sentence. This incident regrettably led to his absence at his grandfather’s funeral, preventing him from saying his final goodbyes.