Famous pop singer Taylor Swift has announced that she has signed a new record deal with Republic Records and Universal Music Group, which also secures money for other musical artists.
Following industry speculation, Swift announced a multi-year record deal with the two companies after her contract with Big Machine ended earlier this year, which she was first signed with when she was just 15-years old.
A few rumours speculated that when her contract with Big Machine expired, the singer would sign a direct distribution deal with Spotify. However, instead Taylor Swift has managed to agree on a deal that comes with a particularly important condition, which is that UMG will repay their artists with any money they make from streams on Spotify.
This new deal also means that Swift will now completely own all of the music that she records, meaning she will now own her master recordings, resulting in even more money from sales and streams of her albums on digital platforms.
“As part of my new contract with Universal Music Group, I asked that any sale of their Spotify shares result in a distribution of money to their artists,” she posted on Instagram.
“They have generously agreed to this, at what they believe will be much better terms than paid out previously by other major labels.”
“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.”
Sir Lucian Grainge, Chairman and CEO of UMG, which has signed other artists such as Black Sabbath, Ariana Grande and Florence and the Machine, released a statement on Swift’s exciting new deal.
“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.”
A bold move by Swift indeed, but it shouldn’t be too surprising considering she was named the second most powerful woman in music on BBC’s Woman’s Hour Power List, coming in right after Beyoncé.
The singer was celebrated for being “unafraid to take on big brands and call out injustice” and she seems to have done just that with UMG, proving herself as a pretty sharp businesswoman on top of a talented artist, who’ll not only be helping herself massively, but other artists alike too. You go, girl!
This has been enabled in part by Donald Trump signing the Music Modernization Act of 2018 into law, on September 18th, which has reformed the way digital streaming platforms and labels repay artists for the better, resulting in a bumper new deal for Taylor Swift and other artists.
Story by Emily Clark
Featured Photo Credit: Evening Standard