It’s important to note that PSY’s “Gangnam Style” is only a single. And yet, people around the world ate the song like crazy, not to mention the wacky horse dancing. Google says that the video is being watched around seven to ten million times per day.
“I’ve seen a statistic which reckons the one song will have generated something like $8m [£5m] by the end of the year from money that comes directly from YouTube through advertising plus download sales, its uses in adverts and TV programs,” said Chris Cooke, the Business Editor of the CMU music news site. “It shows that YouTube – which is a free-to-use as a promotional platform for the music labels – can lead to substantial income.”