Swift speaks up over resale of masters without her consent
Taylor Swift is a name to reckon with in English pop music scene. So, when her master tracks of multiple albums worth millions of dollars exchange hands without her knowledge, it speaks volumes about how the music industry is exploiting profit-worthy artistes. Speaking upon the resale of her master tracks to a company, Swift vented out her angst and concern over artistic control.
What does this mean for Swift?
Confirming reports of artist manager-entrepreneur Scooter Braun selling the masters to investment company Shamrock Holdings only weeks before, the artist took to social media to share her thoughts about her impasse with Braun. She announced that she'll re-record multiple songs from the six albums of her Big Machine catalogue, master tracks of which are now for Shamrock Holdings to use and profit from legally.
How the sales took place
Swift told reporters that she had signed with Nashville record company Big Machine at the age of 15 and released six albums under their banner. Her contract with Big Machine ended in 2018, and she then signed with Universal Music Group. Braun's company Ithaca Holdings bought Big Machine in 2019, including Swift's entire body of work like memorabilia, lyrics, and masters for $140 mn.
How the resale happened?
Recently, Braun sold the same masters of Swift to Shamrock Holdings for a deal far exceeding $300 mn. After completion of purchase, Shamrock Holdings informed Swift and her team in October about the sale led by Braun, who had warned representatives of the investment company against contacting the artist and her team, otherwise, the deal would be called off.
How the dialogue panned out?
Uploading a letter to Shamrock Holdings dated October 28 on Twitter, the artist explained why she decided against partnering with the company after knowing that Braun and his team would continue to profit from revenues earned from her content for years from now. Shamrock Holdings responded by agreeing with Swift's decision and hoping for future collaboration with her in some other way.
You can read her tweet here
Been getting a lot of questions about the recent sale of my old masters. I hope this clears things up. pic.twitter.com/sscKXp2ibD— Taylor Swift (@taylorswift13) November 16, 2020