Hello. When determining the meaning of a phrase or word consider looking for clues in the massage or the writings. In the chorus of her song she discusses a person putting on a show and being entertaining, therefore you can conclude that she's referencing an act of some kind or performance. After a live show or play, actors usually come on stage and literally "take a bow". Taking a bow is when a person bends down with one hand in front of their mid-section and the another hand in back of them. It is an expressing or sign of gratitude for the applause that's being given from the audience.

At the end of a performance, a singer, dancer, actor or musician faces their audience, and lowers their head and upper body. The word 'bow' here rhymes with 'now'. http://www.wordreference.com/es/translation.asp?tranword=take%20a%20bow