1970's-1980's

= 1970s =

**Virgin Records**

 * Branson and friend Nik Powell began Virgin Records in 1970. The discount record firm was the first such business in England and was an immediate hit. Branson decided to shut down the student magazine and concentrate on his new business. When a postal strike threatened Virgin’s mail-order profits, Branson and Powell opened their first record shop on Oxford Street in London.


 * As Virgin Records became profitable, Branson and Powell were fined about $90,000 for tax evasion. Branson spent a night in jail, and his parents mortgaged their home to post his bail. “One night in jail teaches you that sleeping well at night is the only thing that matters,” Branson remarked to Echo Montgomery Garrett in //Success.// “Every single decision since has been made completely by the book.” To pay the fines, Branson and Powell expanded their chain of stores.

Virgin Tops The Charts


 * In 1971, Branson began working with his cousin, Simon Draper, to organize Virgin’s own record label. With Branson supplying the business know-how and Draper handling the artistic decisions, they built a studio in 1971.


 * By 1972, Virgin had signed their first artist, Mike Oldfield. 5 million copies later, Virgin Music had made a name for itself, later signing household names such as the Sex Pistols, Culture Club, The Rolling Stones, Phil Collins, Genesis, and Janet Jackson. Crafty yet controversial, provocative yet memorable, Virgin was soon to be a world renowned brand name. [| http://entrepreneurs.about.com/od/famousentrepreneurs/p/richardbranson.htm]


 * In 1973, Virgin recorded the first original album on the label. Mike Oldfield’s 49-minute song “Tubular Bells” was a hit in Britain, selling over 7 million copies. The haunting instrumental effort was later used in the film //The Exorcist,// bringing instant acclaim to the fledgling firm that would later become the sixth largest record label in the world.


 * Virgin Records shot further into the limelight in 1977 when it signed the rowdy British punk rock band the Sex Pistols, dropped from two other labels due to their outlandish behavior and radical music. The risk paid off, gaining Virgin a reputation for signing up-and coming acts.[| http://encyclopedia.jrank.org/articles/pages/6121/Branson-Richard.html]