The hit song Gangnam Style by South Korean pop star Psy has not only racked up hundreds of millions of YouTube pageviews, it has also managed to double the stock value at his father’s software firm.
According to Reuters Psy’s father Park Won-ho is the chairman and controlling shareholder of South Korean semiconductor company D I Corp. Since Gangnam Style hit it big the company’s value has jumped to 113.5 billion won (62.4 million pounds).
Psy’s Gangnam Style ironically mocks the resident of “Gangnam” an area of luxury that has been compared to Beverly Hills.
According to NH Investment and Securities researcher Lee Sun-tae writes:
“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. The popularity will slowly dissolve in time, naturally.”
Middle-Aged investors in South Korea are known for their speculative stock buying which explains their interest in a company based on a hit pop song.
Ironically the investments in the company have hurt other software firms including Ahn Cheol-soo’s own Ahnlab Inc. which has watched stock values decline by 30 percent since the same period last week.
If creating a hit song can lead to big investments from middle-aged investors perhaps Justin Bieber and Lady Gaga need to start software firms in South Korea and then tour in the region more often.
Do you think Psy’s Gangnam Style influence has gotten out of control?
If Psy can follow up this hit with another his dad could be a billionaire in no time flat.