Taylor Swift signs new record deal with Universal
photo cred: Billboard.com
After 14 years with the same label Taylor Swift has decided to move on. In a post on her Instagram, Swift announced that she had signed with Universal Music Group and Republic Records.
Back in August it became clear that Swift would likely sign with a new label. One of the highest selling artists in the world, Swift, seemed to reach to stalemate with her then current label, Big Machine Records over ownership of her master tapes. Her new label, UMG on the otherhand was willing to sign them over to her.
But Swift’s new deal doesn’t just bode well for her financial future, it also bodes well for other artists on the UMG label. UMG as well as Sony and Warner music have all at one time owned shares in music streaming service Spotify. Sony & Warner both sold off those shares and pledged to give a portion of money back to their artists. However when Warner sold it’s shares it essentially took back the money from artists who were in the “red” with the company over unrecovered advances.
Under Swift’s deal UMG is now obligated to hand money over to artists, on a non-recoup-able basis. Meaning all artists under the label will receive a pay-out. Swift said “I see this as a sign that we are headed towards positive change for creators- a goal I am never going to stop trying to help achieve.”
What hasn’t been reported just yet is how much Taylor will receive per record. Prior to signing it was believed that Swift could command as much as $20 million a record.
📸| taylorswift: My new home 🎶
Taylor has announced that she has left Big Machine and signed with Universal Music Group and Republic Records! pic.twitter.com/ZZmxZhMPDA
— Taylor Swift Updates (@TSwiftLA) November 19, 2018