According to a report, it said that Psy was successful due to his waiver of the copyright, the creativity of the production process and the accurate capture of the consumer's mentality. Another huge reason for his success was due to the great amount of parodies that were seen online.
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Because Psy had given up the copyright, many were able to parody the song online. In 2010, there was a case where a 5 year old uploaded a video singing a song by singer Son Dam Bi. She was contacted by the Music Copyright Association and was forced to take it down.
Because Psy did not hold the copyright, many parodies such as 'Hongdae Style', 'Church Style' and others were created. Even politicians were dancing to his song.
The report also said that Youtube and social media networks were a huge part of his success. Youtube, which has quickly become a worldwide platform for anyone, played a big part in Psy's overseas success. Mentions and tweets from celebrities on twitter also helped in getting Psy's name known.
They continued by explaining that since Korea's IT field was already very enhanced, they felt that this was a huge plus for Psy as well.
His 'horse-riding' dance move was also created by a method called 'crowd sourcing' where he made it into a competition for choreographers to come up with the best idea and win a prize.
Lastly, his song had a mix of sexy and humor, which had the public laughing. His sense of understanding what the public likes and doesn't like helped him in gearing his style towards the majority.