Taylor Swift dumps Big Machine Records
Taylor Swift is moving on.
The singer revealed on Monday that she will be switching record labels, from Big Machine Label Group to Universal Music Group and Republic Records. She will also now own her master recordings for any future music. Part of the deal included helping other artists receive money for their Spotify streams. "I see this as a sign that we are headed towards positive change for creators – a goal I'm never going to stop trying to help achieve," Swift wrote in an Instagram post.
The condition on UMG's Spotify shares: "any sale of Spotify shares result in a distribution of money to their artists, non-recoupable," means that benefits from Spotify sales shares do not go against an artist's debt, said The Guardian. Music lawyer Gregory Pryor told The Guardian that although the agreement is not radical, Swift using it as an opportunity to help other artists is.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Swift has been an advocate for streaming services paying artists before. In 2015, Swift wrote a letter refusing to put her album 1989 on Apple Music. She asked the company to pay artists during their three month free trial period, which Apple Music eventually agreed to do.
Her last album, reputation, was her last under contract with BMLG, her label since 2006. BMLG was heavily negotiating to keep Swift signed on, Billboard wrote in August. Swift's sales and streaming account for 34.6 percent of BMLG's revenue, and her masters reportedly could be worth hundreds of millions of dollars over their lifetime. BLMG founder Scott Borchetta discovered Swift in a cafe in Nashville before he had even started the label. In her announcement, Swift thanked Borchetta "for believing in me as a 14-year-old and for guiding me through over a decade of work."
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
'A direct, protracted war with Israel is not something Iran is equipped to fight'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Today's political cartoons - April 17, 2024
Cartoons Wednesday's cartoons - political anxiety, jury sorting hat, and more
By The Week US Published
-
Arid Gulf states hit with year's worth of rain
Speed Read The historic flooding in Dubai is tied to climate change
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published