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Rapper PSY cashes in on YouTube hit

Artist behind 'Gangnam Style' reaps most profit from US

11:43 PM, Dec. 7, 2012
South Korean rapper PSY, best known for his hit song 'Gangnam Style,' performs during a news conference Sept. 25 in Seoul, South Korea.
South Korean rapper PSY, best known for his hit song 'Gangnam Style,' performs during a news conference Sept. 25 in Seoul, South Korea.
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As "Gangnam Style" gallops toward 1 billion views on YouTube, the first Asian pop artist to capture a massive global audience has gotten richer click by click. But the money from music sales isn't flowing in from the rapper's homeland of South Korea or elsewhere in Asia.

With one song, 34-year-old Park Jae-sang - better known as PSY - is set to become a millionaire from YouTube ads and iTunes downloads, underlining a shift in how money is being made in the music business. An even bigger dollop of cash will come from TV commercials.

From just those sources, PSY and his camp will rake in at least $8.1 ...

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