David Bowie, who died on Sunday, is widely recognized for his influence on rock music and fashion. But he also had a hand in transforming financial markets, reports Bloomberg.

Bloomberg says, “The musician, who died on Sunday, was the first to securitize royalty streams, selling $55 million of Bowie Bonds in 1997 that were tied to future earnings from hits including ‘Space Oddity’ and ‘Changes.’ Securities backed by royalties allow artists to raise money without selling off their works completely or waiting years for payments to come in.”

Since the late 1990s, adds Bloomberg, several other entertainers have sold similar securities. Also, the market for specialized asset-backed securities is flourishing. Read more.

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