'Gangnam Style' Generated Over $8 million In Advertising Deals

If you haven't seen, or at least heard of the YouTube sensation Psy and his hit song, 'Gangnam Style,' then you must have been living under a rock, or on the far side of the moon. The video which has now passed more than 1.23 billion views and become YouTube's all time views leader has made Psy, whose real name is Park Jae-Sang, a world wide sensation racking up views in close to 75 countries.

His YouTube successes aside 'Gangnam Style' has netted a reported $8 million in all in advertising deals. During the company's quarterly earning calls Google senior vice president and chief business officer Nikesh Arora gave the companies estimates on the videos success.

Google allows creators to monetize popular YouTube videos by placing advertisements before the video you want to watch. For ultra-popular videos like Gangnam Style, this practice can be lucrative: Christopher Mims of Quartz does the math and says the $8 million in earnings reported by Arora means the video is generating about $0.65 in revenue per click. For a video with 1.23 billion YouTube views and counting, that kind of cash adds up -- fast.

While the $8 million sounds impressive Psy doesn't get to keep all of the money. Half of the cash from YouTube advertising goes to YouTube itself, which means Psy likely pocketed a $4 million. This doesn't account for any outside deals or downloads through other sources such as iTunes. A previous analysis by the Associated Press indicated that Psy had already earned $7.9 million from Gangnam Style in worldwide revenue, including downloads on iTunes and streaming and sales on services available only in Korea.

Psy has certainly raked in cash and his share of the 15mins of fame from "Gangnam Style". Not bad for a YouTube sensation.