Psy Net Worth (Money & Salary)

What Is Psy’s Net Worth?

Psy, the South Korean rapper, holds a net worth of $60 million. He shot to international fame almost overnight, thanks to his infectious single and YouTube music video “Gangnam Style.”

To many outside South Korea, Park Jae-Sang, widely known as Psy, seemed to emerge from obscurity. His widely popular track “Gangnam Style” took the globe by storm, ranking among the most-watched videos on YouTube ever. Prior to his international breakthrough, he was viewed as a controversial figure in Korea. While most K-pop idols are typically young, strikingly attractive, and exceptionally trained in music, dance, and performance, Psy diverged from this image. He is older, heavier, dances in his unique style, left Berklee Music School, and consistently releases songs with lyrics that often lead to bans or ratings of “Ages 19+ only.” Despite receiving multiple music awards, he faced significant backlash from various civil groups in Korea.

After fulfilling his mandatory military service, Psy learned that his service was deemed illegitimate, resulting in an additional two years of military duty. This period left him financially strained, prompting his decision to join YG Entertainment, a well-known Korean music label owned by a friend. Other artists within the label opposed his signing due to its focus on a younger demographic. Nevertheless, their concerns proved unfounded as the first single from his second album with the label propelled him to international fame.

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

The overwhelming success of “Gangnam Style” earned Psy a significant fortune in the year following its release. His track’s staggering 7 billion views generated millions in ad revenue. From 4 million downloads on iTunes, he earned around $4 million. However, his streaming revenue was rather modest, totaling just $500,000. Additionally, Psy raked in an estimated $8 million from endorsement contracts with brands such as Samsung. Overall, the triumphant release of “Gangnam Style” added over $20 million to Psy’s earnings, prior to taxes and management fees.

Psy’s family has made Millions as Well

During the frenzy surrounding “Gangnam Style,” an intriguing development occurred for Psy and his family. Astonishingly, the stock of his father’s publicly traded company saw a substantial increase in value coinciding with the success of Psy’s single. For further insights into this phenomenon, check out our article detailing how the Gangnam Style Rapper’s Family Just Made $30 Million.

Early Life

Park Jae-Sang, known as Psy, was born on December 31, 1977, in the affluent Gangnam District of Seoul, South Korea. He hails from a wealthy family, with his father, Park Won-Ho, serving as chairman of DI Corporation and his mother, Kim Young-Hee, being a restaurateur. Psy completed his high school education at Sehwa High School, where he was recognized as the class clown due to his lack of interest in academics. Former classmates often recall that he brought a joyful and infectious energy to their classes. His passion for music was sparked by the British band Queen, especially their iconic track, “Bohemian Rhapsody.” Psy initially aimed to attend Boston University but soon lost interest in his plans.

By the time he arrived in the U.S. and started his classes, he had already completed business administration studies. Psy utilized the remaining tuition funds to purchase musical instruments and equipment. After dropping out of BU, he enrolled at Berklee College of Music but eventually returned to South Korea to chase a career in music after leaving Berklee.

Early Career

In January 2001, he launched his debut album, “PSY… From the Psycho World,” which resulted in a fine from South Korean government authorities for its inappropriate content. His follow-up album in 2002 attracted controversy as well due to explicit themes. After his third album release in 2003, which marked a breakthrough in his career, Psy was required to serve in the South Korean military as part of mandatory duties for men aged 18 to 35. Due to an exemption linked to his previous employment at a software development company, he was released from military service in 2005. In 2006, he returned with a fourth album that garnered accolades at the 2006 SBS Music Awards. During this period, he faced allegations from state prosecutors regarding neglecting his military duties to pursue music, leading to a court ruling that reinstated his obligations, which lasted until July 2009. His financial struggles hindered him from releasing music. In 2010, he signed with YG Entertainment and put out his fifth album. The leading single “Right Now” was banned for audiences under 19. By this time, Psy had topped domestic music charts multiple times but had yet to achieve international success.

“Gangnam Style”

The release of his sixth album, “Psy 6 (Six Rules), Part 1,” marked a turning point for Psy. The track “Gangnam Style” rapidly gained traction in global music markets, with its viral video becoming a cultural phenomenon. On August 21, 2012, the song secured the #1 position on the iTunes Music Video Charts, surpassing renowned artists like Justin Bieber and Katy Perry. Since its debut on July 15, 2012, “Gangnam Style” has amassed over 3 billion views on YouTube. It reached the #1 spot on the iTunes sales chart and is recognized as the most-liked and viewed video in YouTube history. Notably, the song has been parodied worldwide, including a performance on “Saturday Night Live,” where Psy made a surprise appearance. Following the success of “Gangnam Style,” he featured on programs like “The Today Show,” “The Ellen Degeneres Show,” among others. On November 24, 2012, it was declared the most-viewed video in YouTube’s history. Esteemed figures, including political leaders like President Barack Obama and British Prime Minister David Cameron, have praised the song globally. Presently, the video boasts 3.5 billion views on YouTube.

Psy’s Gangnam Style:

Life After “Gangnam Style”

Psy delivered a speech at the Oxford Union in England in November 2012, where he spoke about the inspiration behind his song. He characterized his experience following “Gangnam Style” as a mix of both a dream and a nightmare, recognizing that replicating the previous song’s success would be an impossible task. Later that same month, he became the second South Korean music artist to grace the MTV Europe Music Awards stage. In 2012, following the massive success of “Gangnam Style,” Psy signed with Justin Bieber’s manager, Scooter Braun, and his Schoolboy Records. Subsequently, he released two additional albums, achieving varying success, and in 2019, he established his own company, P Nation. Since its inception, he has signed artists including Hyuna and Dawn.

Personal Life

In October 2006, Psy wed Yoo Hye Yeon, and they have twin daughters together. In late 2001, he faced legal trouble when arrested for marijuana possession, resulting in a fine and a 25-day jail sentence, which regrettably kept him from attending his grandfather’s funeral to say his final goodbyes.