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News Summary: Cashing in on Gangnam Style

The Associated Press

THE K-POP HIT: "Gangnam Style," nearing 1 billion views on YouTube, is the most-watched video on YouTube ever.

RAKING IT IN: With one song, 34-year-old Park Jae-sang — PSY — is set to become a millionaire from YouTube ads, iTunes downloads and TV commercials.

THE HOME FRONT: PSY and his camp will rake in at least $7.9 million this year. But the money from music sales isn't flowing in from the rapper's homeland South Korea or elsewhere in Asia. For online music sales in South Korea, he'll earn less than $60,000.