Taylor Swift Knows How To Negotiate A Damn Contract
Taylor Swift has signed a new record deal with Universal Music and Republic Records, and damn, fam, this gal knows how to make a deal.
Now, as some background info, Miss Swift has been signed to Big Machine Records since pretty much forever (ie, since she was a teenager). You'll probably also remember when she pulled her music from Spotify and penned an op-ed about the future of the music industry? She referenced it in her video for "Look What You Made Me Do". The gal has strong opinions about it!
So much so, in fact, that she worked it into her new contract, not for her own benefit -- she hardly needs the cash, right? -- but for the benefit of all artists signed to Universal.
In a memo posted to Instagram, Taylor -- who's currently in Japan wrapping up her Reputation World Tour -- revealed the details of her new contract.
"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. They have generously agreed to this, at what they believe will be much better terms than paid out previously by other major labels."
Although Universal had already said earlier this year that they would share their Spotify coins when they sold their shares (they currently have a 3.5% share in the company), Taylor had it written into her contract that the money will go to their artists, even if that artist owes the label money.
READ MORE: Taylor Swift Breaks Her Political Silence
Going forward, Taylor will also own all the master recordings of her work, but Big Machine Records will keep the rights to the master recordings of all her previous work. Billboard reported back in August that although Big Machine Records wanted to re-sign Taylor, she wanted ownership of all her previous masters, and they refused, essentially because it would gut the worth of their company.
Billboard said at the time: "One source estimates Swift’s masters could be worth hundreds of millions of dollars over their lifetime and simply states that [Scott] Borchetta cannot return the masters if he ever plans to put BMLG back on the market and receive a significant sum."
Taylor's statement on her new record deal ended:
"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. 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. Love, Taylor."
Tl;dr? All hail Taylor Swift, the business bitch.
Feature image: Getty Images