Are you ready for it? Taylor Swift is partnering with a new label.
The “Look What You Made Me Do” singer, 28, announced her “new home” on social media: Republic Records and Universal Music Group.
Her move comes after her contract with Big Machine Label Group — the label that Scott Borchetta signed Swift to when she was a teenager — ended, according to a statement. Swift’s catalog is reportedly worth over $300 million, according to the Financial Times.
Celebrities like Ariana Grande, Blake Lively and Reese Witherspoon — as well as boyfriend Joe Alwyn — liked Swift’s Instagram post, in which she explained why she prioritized fellow artists getting paid for their streaming music and teased her fans with the promise of new music.
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“Over the years, Sir Lucian Grainge and Monte Lipman have been such incredible partners. It’s so thrilling to me that they, and the UMG team, will be my label family moving forward,” Swift started.
Swift dove into the details of her contract. “It’s also incredibly exciting to know that I’ll own all of my master recordings that I make from now on. It’s really important to me to see eye to eye with a label regarding the future of our industry,” she said.
“I feel so motivated by new opportunities created by the streaming world and the ever-changing landscape of our industry,” Swift continued. “I also feel strongly that streaming was founded on and continues to thrive based on the magic created by artists, writers, and producers.”
“There was one condition that meant more to me than any other deal point. 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, non-recoupable,” Swift noted.
Swift has championed this cause in the past. In July 2014, when Swift wrote an op-ed for The Wall Street Journal about the future of the music industry, she advocated for artists getting paid for their music.
“Music is art, and art is important and rare. Important, rare things are valuable. Valuable things should be paid for. It’s my opinion that music should not be free,” she said.
Swift removed her music from Spotify in November of that year, WSJ reported. In June 2017, Swift put her music on all streaming services.
“I see this is a sign that we are headed towards positive change for creators — a goal I’m never going to stop trying to help achieve, in whatever ways I can,” Swift wrote in her Instagram post.
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She ended on a sentimental note by discussing her journey with Borchetta.
“I want to express my heartfelt thanks to Scott Borchetta for believing in me as a 14-year-old and for guiding me through over a decade of work that I will always be so proud of,” she said. “I’m extremely grateful to get to do what I love, especially with the people I’ve been fortunate enough to work with.”
“The best thing I’ve been lucky enough to receive is the dedication, trust, and loyalty of the fans who have cared about the words and melodies I’ve written,” Swift concluded. “My biggest goal moving forward is to make you proud. I’m so excited. I can’t wait to show you what I’m making next.”
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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.”
Lipman added, “Taylor has not only captured the imagination of an entire generation, but has also redefined the paradigm of the modern music industry.”
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