Taylor Swift announced a new record deal today, and it’s going to affect more musicians than just her.
In signing with Republic Records and Universal Music Group, Swift negotiated an agreement that grants her ownership over all of her master recordings made from here on out.
On top of that, Swift secured a deal concerning Spotify that will benefit all UMG artists. She explained, “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.”
While the financial details weren’t specified, it would appear that this is a positive step in making sure all UMG artists have more ownership over their profits. UMG’s roster includes artists like Ariana Grande, James Bay, Nicki Minaj and Pearl Jam.
According to Music Business Worldwide, UMG owns a 3.5% stake in Spotify – roughly $850 million.
The move is just Swift’s latest in her endeavor to secure better royalties for artists. In 2015, she famously called on Apple Music over royalty payments. Just last year, she made her music available on Spotify only after a “windowing” policy was put in place. Said policy would make new music available to only to paid subscribers for a certain window of time.
See the full announcement below: