Oct. 16 (UPI) -- Billionaire entrepreneur Richard Branson spoke of his influence on decades of popular and rock and roll music Tuesday as he accepted a star on the Hollywood Walk of Fame.
He was awarded the 2,647th star on Hollywood Boulevard for his role in the recording industry. Branson founded Virgin Records, a chain of record stores, in 1972. It later expanded to include a record label and launched his career as a businessman in a variety of interests, including the aerospace and telecommunications industries.
"Running a record company can be a lot of fun, and yes, it did involve sex, drugs and rock 'n roll," Branson said, recalling a party he had to celebrate signing the Rolling Stones in 1992.
"That night, I'm told, we had a party that none of us can remember," he joked
"As a space enthusiast, as a musician, entertainer, as an entrepreneur, I thank you so much for inspiring people like me, inspiring the world," Bass said. "You do incredible work and please never stop dreaming because you inspire so much."
After the ceremony, Branson announced the launch of Virgin Fest, a music festival slated to be held in late 2019. The announcement came a year after he ended the V Festival, a music festival held annually since 1996.
"I love music. I love festivals," Branson told Rolling Stone. "The era of one came to an end [with V Fest] and it was important that in very little time that a new Virgin festival was born. Obviously, music is Virgin's background. As we move into space and cruise ships and hotels, it's important that we keep our roots through things like festivals."