Taylor Swift just cemented her status as one of Pop’s most formidable forces.
For, she’s just inked a huge new record deal with the Universal Music Group and the terms of the agreement looks set to shake the industry to its core.
Details below…
In a synchronised announcement by Swift and Universal, it was revealed that the singer had signed into a global partnership.
The multi-year, multi-album agreement will see UMG will serve as the exclusive worldwide recorded music partner for the 29-year-old mega-star.
Stateside, the company’s Republic Records will serve as her label partner. A move which sees her formally join a roster that currently includes Ariana Grande and Drake.
The new deal sees Swift depart longtime label Big Machine Records – the label whose long-term strategic alliance with Republic first brought Swift into the UMG fold in the first instance. She’ll also own all of the masters of new music released.
While additional particulars were left off the press release, an insider close to the deal spilled a few notable points to Variety. Specifically as relates to streaming:
“In the same vein as her Apple letter, Taylor Swift negotiated a history-making record deal that positively affects artists. She knew she had an incredible amount of leverage and could have used that to get her own previous masters back, or to merely focus on getting the biggest cash advance for herself but instead, the most important thing to her was to negotiate a better deal regarding Spotify payments for Universal artists and make them non-recoupable.”
Celebrating the news, Swift posted the following:
Chairman and CEO of Universal Music Group Lucian Grainge said in a statement:
“Few artists in history approach Taylor Swift’s combination of massive global hits and creative brilliance. She is so multi-talented, she can achieve anything. I have such enormous respect for Taylor, in particular for her use of her hard-earned influence to promote positive change. Because of her commitment to her fellow artists, not only did she want to partner with a company that understood her creative vision and had the resources and expertise to execute globally on her behalf, she also sought a partner whose approach to artists was aligned with hers. With these shared beliefs, there is so much we can accomplish together, and all of us at UMG are enormously proud to be embarking on the next chapter of her career alongside her.”
Monte Lipman, founder/CEO, of Republic Records added:
“Taylor has not only captured the imagination of an entire generation, but has also redefined the paradigm of the modern music industry. Her commitment to songwriting and performing has earned her the respect of her peers and millions of adoring fans around the world. I can only imagine what Taylor is capable of achieving in the years to come, both culturally and creatively. I’m beyond thrilled to create an alliance with Republic Records and the incomparable Taylor Swift.”
Congrats!
This almost gives a nostalgic nod to the 90s; a time when mega-deals were flying left and right. The difference here being how the paltry number of acts who qualify.
With Swift leading the charge for her generation, it’ll be interesting to see what the future holds for some of her top tier peers in this regard.