Student videos often tap into the possibility of promo campaigns targeting a new, younger audience. Some of the re-formed Pixies videos, such as Bagboy, are a good example of this approach in practice by established artists.
Bowie is not the first to get either a new video (there have been several posthumous videos for Elvis, Biggie, Tupac and more, not to mention the hologram live appearances by Ronnie Dio, Michael Jackson and more) or a re-edit, but the news that a 1973 promo clip is being revisited by its director and editor could inspire more such work.
This could offer buying incentives to repackaged best of albums, and at minimum is a cheap means of gaining free media publicity through media coverage. Video plays are monetised, even if the payment levels are controversially low per online view, and video collections remain a useful means of monetising through DVD sales (eg, I've pre-ordered a new Depeche Mode DVD collecting their video work, a November release that should sell well in the gap between album releases and tours).