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In 2005, Taylor signed a 13-year record deal with Big Machine Records, a Nashville-based record label run by Scott Borchetta. The contract gave Big Machine the rights to Taylor’s first six albums in exchange for a cash advance. From 2006 to 2017, Taylor released six studio albums with Big Machine: Taylor Swift (2006), Fearless (2008), Speak Now (2010), RED (2012), 1989 (2014), and reputation (2017).
After her contract with Big Machine Records expired in November 2018, Taylor signed a new contract with Universal Music Group record label Republic Records. Variety reported that to that point Taylor’s catalog constituted around 80% of Big Machine’s revenue. Taylor revealed an element as part of her Republic Records contract which affected all artists under Universal: any sale of the company’s shares in Spotify (the largest on-demand music streaming platform) resulted in equity for all Universal artists. The contract with Republic Records also allowed Taylor to fully own the masters to albums distributed by them, starting with her 2019 album Lover.
Acquisition of Big Machine Records
On June 30, the day of Big Machine’s announcement, Taylor denounced the acquisition on Tumblr. She stated that she had tried to buy her masters for years, but was not given a chance unless she signed another contract, which she was not willing to do.
In response, Borchetta published a blog post titled “It’s Time For Some Truth” on the Big Machine website. On June 25, 2019, Big Machine shareholders and Braun’s Ithaca Holdings held a phone call regarding the transaction. While Taylor’s father, Scott Swift, was one of Big Machine’s minority shareholders (holding 4% of stakes), he did not join the phone call due to a “very strict” non-disclosure agreement. A final call was held on June 28, when Scott Swift was represented by a lawyer from Taylor’s management company, 13 Management.
Borchetta said he had texted Taylor on June 29, challenging her claim that she had not been aware of Braun’s transaction beforehand. He denied that Taylor had been hostile towards Braun, whom he described as a “good source of information”. He also posted a text message he alleged Taylor had sent before signing to Republic Records; in the message, Taylor said she would accept another seven-year contract with Big Machine on the condition that she took ownership of her audiovisual works. Borchetta agreed, but asked for a ten-year contract. The authenticity of the text message has not been verified.
Braun said he received death threats from Taylor’s fans, and wanted to have a conversation with Taylor on the matter. In April 2020, Big Machine released Live from Clear Channel Stripped 2008, a live album of Taylor’s performances at a 2008 radio show for Clear Channel. Taylor said she did not authorize the release, and called it “shameless greed.”
Re-Recording of Back Catalog
In February 2021, Taylor announced that she had finished re-recording her 2008 studio album Fearless and released “Love Story (Taylor’s Version)“, a re-recording of the album’s lead single “Love Story” on February 12. She then released two other tracks of the album before the release of Fearless (Taylor’s Version) on April 9. Several music critics positively reviewed Fearless (Taylor’s Version), and praised Taylor’s move to re-record her music, viewing it as an act of preservation of artist rights. The original Fearless was charting at No. 157 on the US Billboard 200 chart before the impact of Fearless (Taylor’s Version), after which the original recording dropped 19% in sales and fell off the chart completely, while the re-recording debuted at No. 1. Ben Sisario of The New York Times opined that Fearless (Taylor’s Version) “accomplished what appeared to be one of Taylor’s goals: burying the original Fearless.”
On November 2021, Taylor released RED (Taylor’s Version), the re-recorded issue of her 2012 album RED. It consists of all 30 songs that were originally meant for the 2012 version, including “All Too Well (10 Minute Version)“, which reached No. 1 on the Billboard Hot 100.
Rolling Stone described the masters dispute as one of the 50 “most important moments” of the music industry in the 2010s decade: “While Braun and Borchetta vehemently contest [Taylor’s claims], the actual facts of the situation may not matter — as Taylor is using every tool she’s got, including pleading directly to a zealous fanbase for help, to establish herself as a self-made artist who calls her own shots.” According to The Guardian, Taylor’s masters dispute hinted at a change in the digital music era, where artists are more informed of their ownership and would not rely on record labels for marketing as heavily as in the past. Variety wrote that Taylor’s highly publicized move to re-record her back catalog would inspire other artists to “further deputize or weaponize fans in their own business disputes”, unlike the comparatively less successful attempts by contemporary artists to own their music. Elle and The New Yorker hailed the “(Taylor’s Version)” tag attached to the re-recorded music as genius re-branding of Taylor’s back catalog. Money Marketing said that the situation helps understand “dangerous investing”.
Two songs off Taylor’s 2020 album folklore, “my tears ricochet” and “mad woman“, were underscored by critics for their references to the dispute, Borchetta, and Braun. On evermore (2020), the bonus track “it’s time to go” also mentions the dispute, summarizing Taylor’s feelings: “Now he sits on his throne in his palace of bones, praying to his greed. He’s got my past frozen behind glass, but I’ve got me.”