The Tribeca Film Festival announced on Wednesday that Psy has been listed among this year's recipients of the annual Tribeca Disruptive Innovation Awards.

Psy will receive the distinction at this year's Tribeca Film Festival in downtown New York City alongside many other notable innovators of 2012.

'Disruptive innovation' refers to something that helps create a new market and value network, particularly in a way that is unexpected. The term is used in business and technology when a new innovation improves a product in such a way that it displaces the earlier technology either by creating a new consumer group or by lowering prices. Commonly cited examples include the automobile, the personal computer, and MP3s.

Well Psy's "Gangnam Style" certainly fits the bill. The record-smashing international hit not only introduced a whole genre of music to the international mainstream, but also created a global dance craze. But perhaps most importantly, it changed the way the world thinks about popular music.

Because of "Gangnam Style," YouTube views are now taken into consideration for Billboard's chart rankings, opening up a whole new arena for the music industry.

K-Pop aficionados would agree that it is about time. The Korean music industry has been on the forefront of the internet music battleground for years, and with one breakout hit, the rest of the world now sees the value in personal online promotions. In fact, just last year Justin Bieber received a Disruptive Innovation Award for his use of social media.

The internet is largely to credit for the massive international following of the K-Pop industry already has, Psy was just able to take it to the next level - hence the recognition and award.

The Film Festival explained on the Tribeca Disruptive Innovation website why Psy was included in this year's list of winners.

"With the first YouTube video to reach one billion views, South Korean pop artist Psy has become an ambassador for his country and a leading crossover artist, launching K-pop onto the international stage. His hit song 'Gangnam Style' is more than a catchy tune and dance sequence, it is a cultural phenomenon. It was ranked in the Yale Book of Quotations Top 10 Quotes of the Year."

The fourth annual awards ceremony will take place on April 26 at the NYU Stern School of Business in New York City.