Multiple Grammy award-winning songstress, Taylor Swift has taken to Instagram today to announce that she has a "new home".
The 28-year-old who released her debut album 12 years ago under Big Machine Records has signed a new record deal with Universal Music Group. As part of her pact, Swift is working to reshape how artists are paid for Spotify streams.
Taking to Instagram, she wrote:
"I'm ecstatic to announce that my musical home will be Republic Records and Universal Music Group. Over the years, Sir Lucian Grainge and Monte Lipman have been such incredible partners. It's so thrilling to me that they, and the UMG team, will be my label family moving forward," Swift, a 10-time Grammy winner, told her 113 million Instagram followers. "It's also incredibly exciting to know that I'll own all of my master recordings that I make from my own."
"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," Swift told her followers.
"There was one condition that meant more to me than any other deal point. 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. I see this as a sign that we are headed towards positive changes for creators—a goal I'm never going to stop trying to help achieve, in whatever ways I can," added Swift, who signed a multi-album deal with UMG. "I'm so happy to have Sir Lucian Grainge as a partner in these efforts."
The Look What You Made Me Do crooner went on to extend her "heartfelt thanks" to Big Machine Records' Scott Borchetta "for believing in me as a 14-year-old and for guiding me through over a decade of work that I will always be so proud of." Swift, who transitioned from country to pop music in 2014, added,
"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."
Swift has not revealed when she will release her next album.
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