Quartz Daily Brief—Weekend edition—Bowie’s big short, high seas armories, Bill Cosby’s enablers

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If you ever doubted that David Bowie was from the future, consider how Ziggy Stardust clairvoyantly shorted the music industry.

The late musician was always internet savvy—he started his own ISP way back in the AOL days, and was among the first artists to offer a downloadable album, just when Napster was starting to scare the bejesus out of the record labels.

His insight into digital music led him to predict the internet’s disruption of the music industry and cash out early. Back in 1997, he created an entirely new financial instrument: His “Bowie bonds” were essentially a bet against the recorded-music business, providing the musician a $55 million payout, secured by future royalties from his enormous back catalog.

”Music itself is going to become like running water or electricity,” he told the New York Times in 2002. “The absolute transformation of everything that we ever thought about music will take place within 10 years, and nothing is going to be able to stop it. So it’s like, just take advantage of these last few years because none of this is ever going to happen again.”

In 1999, global music industry revenues were $14.6 billion; by 2009, they were only $6.3 billion. The entire offering of Bowie bonds was sold to Prudential Securities, which didn’t turn out to be very prudent: The 10-year bonds were eventually downgraded to junk status as music sales, including Bowie’s back catalog, evaporated.

Not all of Bowie’s predictions came true: He also told the Times that copyright itself was doomed. Due to the lobbying prowess of major media companies, copyright protection is stronger than ever—not that it has helped musicians much. Streaming music services like Spotify pay out tiny fractions of a penny for every song played, making most professional musicians dependent on touring and other revenue streams. (Bowie predicted that too.)

Incidentally, the banker who helped to create Bowie bonds is now securitizing the royalty streams of one-hit wonders like Right Said Fred, the luminaries behind “I’m Too Sexy.”

RIP, Starman.

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Our best wishes for a relaxing but thought-filled weekend. Please send any news, comments, window defrosting techniques, and praise just for trying to You can follow us on Twitter here for updates throughout the day.

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