SHE is one of the most successful music artists of all time, with an estimated worth of around £350 million and counting. Now Taylor Swift has made an unusual move - re-recording a 13-year-old album in its entirety and re-releasing it.
Why?
It’s complex, but boils down to the American star signing a 12-year record deal with Nashville’s Big Machine Recordings in 2004, granting it ownership of the master recordings to her first six albums in exchange for a cash advance to get her career going.
Masters are a big deal?
Ownership means you control what happens with the music and its use and if you have a hit on your hands, it can mean big money.
But then?
In 2018, Swift signed a new deal with Universal Records and Big Machine sold the rights to her first six albums.
Who bought them?
A record executive Scooter Braun - manager of music stars Ariana Grande and Justin Bieber - who Swift has claimed “bullied” her in the past. He then sold the rights to an investment fund for around $300 million, but is said to retain a financial interest, all to the fury of Swift.
Her next move?
Outraged that Braun would profit from her music - describing the sale of her albums as aggressive act that "stripped me of my life's work” - Swift, 31, halted the use of her old songs in films and TV to stop that cash cow.
She tried to buy her songs back?
Swift said she tried to “regain ownership” of the masters. However, she also claimed Braun wanted her to agree to “never say another word” about him unless it was positive. He said, though, that the dispute had “gotten out of hand” and that his family had received death threats.
Where does that leave things?
Swift - whose hits include Shake It Off and Bad Blood - pledged to regain control in a different way. The 11-time Grammy Award-winner set about re-recording her old albums, with her retake of 2008’s Fearless the first to be newly released.
It’s a hit?
The updated version topped the iTunes chart in only a few hours and Swift is now allowing use of songs from her new release in TVs and movies. The album also includes additional “from the vault” tracks that almost made it on to the original, to add to its appeal with fans who are so devoted, they are trying to make the original records fall out of the charts with an online “#IstandwithSwift” campaign.
It’s all about the money?
Royalties are hot property on Wall Street as funds purchase back catalogues from the likes of the Eurythmics’ Dave Stewart to Blondie.
But it’s Swift who is now laughing all the way to the bank?
It’s not as if she needs the cash, but the move makes sure her new albums will be the ones played by fans and used commercially, so the money will keep rolling in.
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