Music industry
How much did Psy earn from Gangnam Style?
Gangnam Style
Record executives in the music industry believe that music charts will increasingly be filled with YouTube-driven globalised acts from foreign countries. Sean Carey, a research fellow in the School of Social Sciences at the University of Roehampton, wrote that the flow of popular music will no longer be a single traffic route from North America and Europe to other parts of the globe, but will also move the other way as well. According to Adam Sherwin from "The Independent", the global web demand for Gangnam Style had short-circuited the "traditional reluctance" of radio stations to play foreign-language songs. The song is also underlining a shift in how money is being made in the music business. Although Psy earned more than US$60,000 from music sales of "Gangnam Style" in South Korea alone, he and his music label YG Entertainment have raked in almost US$1 million from advertisements which appear on YouTube videos identified for using "Gangnam Style" in its content. The "Harvard Business Review" published an article written by Kevin Evers, who explained how "Gangnam Style" had changed Billboard's ranking methodology of its music charts. Instead of relying solely on radio plays and paid purchases, Billboard started to place a heavier emphasis on digital sales and YouTube views. As a result of the change, Gangnam Style moved up to the top position of Billboard's Hot Rap Songs music chart. According to the British Phonographic Industry's report based on Official Charts Company sales data, thanks to Psy's song and Carly Rae Jepsen’s "Call Me Maybe," pop became the UK’s favourite musical genre of the year, taking the lion’s share of the singles market (38.5%) in 2012.