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PSY’s riches from ‘Gangnam Style’ not made at home
It’s a stretch to plausibly explain how the success of “Gangnam Style” will boost DI’s profits but that doesn’t matter to the South Korean stock market. Perhaps inspired by the pure power of pop, DI shares surged eightfold from July after PSY’s hit reached No. 2 on the Billboard Hot 100 and No. 1 on the U.K. singles chart.
It was time to cash in for PSY’s grandmother, who sold 5,378 shares for about $65,000.
The share price has fallen since then but is still about double what it was before the release of “Gangnam Style.”
PSY’s agent YG Entertainment has also done well. Its share price is up about 30 percent since mid-July. The value of CEO Yang Hyun-suk’s stake has swelled to about $200 million, making him among the richest in South Korea’s entertainment industry.
The question now hanging over PSY is whether he will replicate the blockbuster success of “Gangnam Style” or end up remembered as a one-hit wonder.
“When this slows down, what comes next for PSY?” said Nielsen analytics vice president David Bakula. “Is it the evolution of a new musical style, something audiences are going to be craving en masse, or is it something that’s just a passing fancy?”
Analysts say “Gangnam Style” alone will not be enough to propel PSY into the ranks of musicians such as Adele and may not even be enough to make him the top-grossing K-pop star. That will depend largely on his upcoming album, which PSY said will be released in March.
Associated Press Business Writer Ryan Nakashima contributed to this report from Los Angeles.
Youkyung Lee can be reached via Twitter: www.twitter.com/YKLeeAP
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