The benefits given to the world by South Korean semi-rapper PSY’s insanely popular hit “Gangnam Style” are pretty tough to deny. Said benefits include but are not limited to the following: 1) The video is incredibly entertaining. 2) It inspired a parody from attractive Navy midshipmen. 3) It has also inspired surprisingly good mash-ups. 4) It’s actually got a social message behind it.
Among the people most proud of PSY, a.k.a. Park Jae-sang, are his parents — and not just because their son has the most-liked video on YouTube. PSY’s father, Park Won-ho, has enjoyed some of his own success as a direct result of the song’s widespread popularity. Thanks to “Gangnam Style” the value of Park’s software firm has doubled, Reuters reports.
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Park serves as the chairman and controlling shareholder of South Korean semiconductor company D I Corp. In early August, shortly after the “Gangnam Style” video debuted, the company’s stock was at 1,500 won ($1.34). Now, it has surged to 3,645 won ($3.26). D I Corp’s market capitalization has spiked to more than $100 million.
“The positive sentiment from ‘Gangnam Style’ has attracted investors just because of the fact that the company is owned by PSY’s father and uncle,” Lee Sun-tae, a researcher at NH Investment and Securities, told Reuters, adding that PSY is not a shareholder in the company.
Since the song seeks to mock rampant consumerism and material excess, this direct boost for big business could be seen as just a tad ironic. But hey, fame comes at a price. Or, in this case, at a profit.
