Lyric discussion by Reint 

Cover art for D.J. lyrics by David Bowie

Also the lines of ''Time flies when you're having fun/Break his heart, break her heart.''

I think in this song the D.J. is a metaphor for David Bowie (David Jones) himself. He is what he plays; in the D.J.'s case 'powerofdenial' has the right explanation, and for Bowie: he constantly changed his style, music and persona. For the fans he is what he plays.