Taylor Swift is changing the game. The megastar has signed a new deal, which would move her to Universal Music Group. Variety reports UMG will be the “exclusive worldwide recorded music partner for Swift” with Republic Records serving as her partner. However, her new deal sparks a change for all artists as Universal will now realign the selling of Spotify shares owned by the company to provide money to their artists.
The terms of the deal are not stated by UMG or Swift beyond it being a multi-year deal. What Swift does detail in a letter that highlights the deal is the redistribution of Spotify equity.
“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 and paid out previously by other major labels. I see this is a sign that we are headed toward positive change for creators – a goal I’m never going to stop trying to help achieve, in whatever ways I can. I’m so happy to have Sir Lucian Grainge as a partner in these efforts.”
You can read the entire letter from Taylor Swift available on her Tumblr.