Universal Music Signs Multi-Year Recording Deal With Taylor Swift
Pop superstar Taylor Swift chose Vivendi SA’s Universal Music for her hotly sought-after new multiyear contract, making the record group the exclusive worldwide partner of one of the planet’s biggest artists.
Financial terms of the agreement weren’t included in a statement Monday. But Variety reported the record company will share with artists proceeds from its expected sale of equity in Spotify Technology SA, the popular music streaming service, citing a person with knowledge of the matter.
“It’s really important to me to see eye to eye with a label regarding the future of our industry,” Swift said on Instagram. “I feel so motivated by new opportunities created by the streaming world and the ever changing landscape of our industry.”
The accord deepens the music group’s ties to Swift, a 10-time Grammy winner, by replacing her current label, Big Machine Records, with Universal’s. The company’s Republic Records will be her label in the U.S., according to the statement. Swift said she will own all of the master recordings she makes under the agreement.