Taylor Swift Signs New Deal With Universal Music Group

We just came across this and wanted to share. Apparently Taylor Swift has signed a global recording agreement with the Universal Music Group.

 

“UPDATEDTaylor Swift has signed a global recording agreement with Universal Music Group, the company announced today. Under the multi-year agreement, UMG will serve as the exclusive worldwide recorded music partner for Swift and UMG’s Republic Records will serve as her label partner in the U.S. The singer’s previous deal with Big Machine Records, which released all of her previous albums and is distributed by UMG, ended earlier this month.

According to the announcement, the multi-album agreement, effective immediately, deepens the relationship between Swift and UMG and builds upon the success she achieved with Big Machine Records—the label whose long-term strategic alliance with Republic Records first brought Swift into the UMG family. A ten-time Grammy winner distinguished as the youngest-ever recipient of the Grammy for Album of the Year—and the first female solo artist to win the award twice—is the only artist in history with four albums with sales of more than one million copies in their first week of release (2010’s “Speak Now,” 2012’s “Red,” 2014’s “1989” and 2017’s “Reputation”), respectively.

 

While terms of the deal were not announced, a source close to the situation tells Variety that a key element of the deal was a guarantee that UMG will share with artists the proceeds from the expected sale of its Spotify equity next year, and make them non-recoupable against the artists’ earnings, as Sony Music has done.

“In the same vein as her Apple letter [in 2015, in which she slammed the company for not paying artists royalties during Apple Music’s free-trial period], Taylor Swift negotiated a history-making record deal that positively affects artists,” the source said. “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.”

In 2015, Swift wrote a letter to Apple harshly criticizing the company for not paying artist royalties during Apple Music’s free-trial period; the following day, Apple changed that policy. Further details about Swift’s new Universal deal were not immediately available, although UMG Chairman and CEO Lucian Grainge nodded to the company’s stance on Spotify equity in his statement.”

Read more: https://variety.com/2018/music/news/taylor-swift-news-alert-1203032124/

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