Gangnam Style Earnings; PSY Makes $7.9 Million in 2012 for Viral Hit Song

PSY is cashing in on a very profitable year.

The latest estimates show that singer will bring in around $7.9 million for 2012.

While the 34-year-old South Korean pop star has been performing in his own country for the past decade, it was only this past year that PSY was really able to crossover internationally with help from his viral hit "Gangnam Style."

According to The Associated Press, the pop star's earnings come from aggregate sources with the majority coming from commercial endorsements that earned him $4.6 million. PSY has advertised recently in South Korea for Samsung and LG Uplus.

The estimated figures were put together by financial analyst Chung Yu-seok with Kyobo Securities.

Even though "Gangnam Style" became the most watched video in the history of YouTube, he'll only make around $870,000 from advertisements seen while it plays.

PSY's "Gangnam Style" took the YouTube record away from Canadian pop star Justin Bieber's hit "Baby" and currently has over 888 million views on Youtube. The video, which pokes fun at a rich neighborhood in Seoul, has inspired plenty of copies, mash-ups and parodies by people around the world which have included massive flash mobs of people imitating PSY's horse dance.

Apple iTunes downloads of PSY's hit song raked around $2.4 million with the rest of his revenue generated by various sources.

PSY was recognized for his musical achievements this year at the Mnet Asian Music Awards. The performer took home four of the top awards during the Hong Kong ceremony last week that includes song of the year, best music video, best dance performance and global favorite artist.

From performing on "Good Morning America" to dancing with MC Hammer at the 2012 American Music Awards, PSY has horse-danced his way to the top of mainstream pop culture.