Wednesday, July 10, 2013

News : Psy's "Gangnam Style"

Psy's hit song blazed a new trail in terms of profits it earned overseas as well. According to music industry insiders, royalties paid overseas have exceeded W500 million (US$1=W1,152) since the third quarter of last year. This is the first time a single by a Korean artist has generated so much foreign revenue. Most of the royalties came from Britain and the U.S., and Psy split them with the song's co-writer, Yoo Gun-hyung, at a ratio of 3:1. "Royalties are still being generated, mostly from clubs and online music sites. Many parties, including YouTube in Europe, haven't paid up in full yet, so the total earnings will increase further," estimated one music industry insider. YouTube said on Monday that other Korean music videos have become much more popular in the wake of "Gangnam Style." It said the number of online clicks they receive has almost tripled since the release of "Gangnam Style," suggesting a healthy spillover effect for the industry. Psy's music video has attracted 1.7 billion views as of Friday, meaning it is likely to keep boosting interest in other K-pop singers.

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