David Bowie, master of music, died on January 10, 2016 at 69 years old after battling cancer for 18 months. He leaves behind his musical 'chameleon' legacy, he also leaves behind a business legacy that everyone can learn from.
The famous singer did not stop working despite battling cancer. He released his 25th album "Blackstar" just a few days before he passed on.
David Bowie had amazing foresight in music as well as business. He saw potential in the internet arena and eventually launched his own Internet Service Provider called BowieNet. It offered subscription based dial up (yes, in ye olden days, it was dial-up before DSL or wifi), access. At the time, businesses were still trying to wrap their minds around the internet and how connectivity works but Bowie was there to cement his mark. He saw the future of the internet because with the subscription, users were allowed access to streaming concert videos from Rolling Stones Network. If you think about it, he knew that people going online are mostly the same demographic that listened to his music.
Going along with the internet craze he also invented an online bank called BowieBanc, one year after BowieNet. Users and fans who banked their money were awarded checks and bank cards with his own image on it.
In between writing songs, re-inventing and making music, he was also a financial inventor. He created Bowie Bonds which allowed people (and fans) to invest in his revenue. Investors get 7.9% returns. He got the money upfront but released his royalties after. Reports indicated that he used the money to buy back songs his ex-manager owned. Bowie Bonds started trading back in 1977 and it raised £35 million when it was sold to Prudential Insurance.
This was a revolutionary business move and other celebrities followed suit and created their own celebrity bonds. Others even pondered if Bowie was the reason behind the credit crunch.
In a statement from his publicist, Steve Martin, he expressed his sentiments on all social media accounts associated with the music icon:
David Bowie died peacefully today surrounded by his family after a courageous 18 month battle with cancer. While many of you will share in this loss, we ask that you respect the family's privacy during their time of grief.
His son, Duncan Jones tweeted out a picture of himself as a child with Bowie, using his social media handle @ManMadeMoon, and captioned it:
Very sorry and sad to say it's true. I'll be offline for a while. Love to all.
His death was a shock to fans and the music industry but his foresight in business is also something we can all learn from.
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