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.
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.