Taylor Swift has signed a new global recording agreement with Universal Music Group.
The 28-year-old pop superstar has put pen to paper on a multi-year agreement which will see Universal (UMG) act as the exclusive worldwide recorded music partner for Swift, whilst UMG’s Republic Records will serve as her label partner in America.
Announcing the news in an Instagram post to her 113 followers, Taylor wrote: "I’m ecstatic to announce that my musical home will be Republic Records and Universal Music Group … It’s really important to me to see eye to eye with a label regarding the future of our industry. I feel so motivated by new opportunities created by the streaming world and the ever changing landscape of our industry … I also feel strongly that streaming was founded on and continues to thrive based on the magic created by artists, writers and producers."
The ‘Look What You Made Me Do’ hitmaker also praised Universal Music Group chairman/CEO Sir Lucian Grainge and Republic founder/CEO Monte Lipman as "incredible partners".
And Grainge was fulsome in his praise for Taylor, saying 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. 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."
Lipman added: "Taylor has not only captured the imagination of an entire generation, but has also redefined the paradigm of the modern music industry. Her commitment to songwriting and performing has earned her the respect of her peers and millions of adoring fans around the world. I can only imagine what Taylor is capable of achieving in the years to come, both culturally and creatively.
An interesting condition of the deal is that Taylor insisted that should Universal sell any of its shares in Spotify it will "result in a distribution of money to their artists, non-recoupable".
Speaking about the clause, she said: "They have generously agreed to this, at what they believe will be much better terms than paid out previously by 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."
This follows Taylor’s stance against Apple Music, which prompted the company to change its policy not to pay royalties to artists or labels during its initial three-month free trial period.
The singer/songwriter also previously refused to allow streaming services such as Spotify to host her music in a protest about the level of royalty payments for musicians but she did allow her songs to be streamed from June 2017.
Taylor Swift signs with Universal Music Group
