On a recent weekend night, the dance floor at one of the hottest clubs in Seoul's swanky Gangnam district held only a few dozen people surrounded by mostly empty tables.

A few months ago, the nightclub would have been packed with hundreds of gyrating men and women, and full tables, many costing 650,000 won ($570) or more for a night of drinking and dancing.

The world was introduced to Gangnam by the 2012 K-pop hit "Gangnam Style," a parody of the South Korean high life with a viral tune and amusing dancing that became the first video to reach a billion views on YouTube.