Korean rapper Psy
is predicted to inspire a wave of hits from Asia and South America, after his viral hit "Gangnam Style"
over 700 million views on YouTube, not including the thousands of remixes and parodies of his video.
Labels and producers are now expected to invest in a wave of alternative pop, according to a report by music industry body IFPI
The report says that record labels will increase investment in pop acts from places like Japan, China, Korea and South America in a bid to find the next Psy
or Lady Gaga
"I don't think Psy will be a one-off. The production values and the creativity coming out of Korea are remarkable,"
said Max Hole
from Universal (via NME
). "The focus of the recorded music industry for the last 40 years has been on the ten main music markets US, the UK, Germany, France etc. The next 30 years the focus is going to move to the emerging markets [like Asia and South America], and that's very exciting for us."
It it a savvy business move from the Western
labels, or will they find it hard to emulate Psy's success? Let us know what you think in the comments.