Details of Taylor Swift's new record deal have been announced.
In a post on Instagram, she said: "I'm ecstatic to announce that my musical home will be Republic Records and Universal Music Group", and praised the labels' CEOs Sir Lucian Grainge and Monte Lipman as "incredible partners".
Under the multi-album deal, Swift will keep ownership of her master recordings. In a statement, she described the move as "incredibly exciting", adding: "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's deal also states that any sales of either labels Spotify shares would "result in a distribution to their artists, non-recoupable". Swift added: "They have generously agreed to this, at what they believe will be much better terms than paid out previously by major labels. I see this as a sign that we are headed towards positive change for creators – a goal I'm never going to stop trying to help achieve."
Swift's six previous albums were released under Scott Borchetta's indie label Big Machine, with distribution via UMG in the US and Virgin EMI in the UK. Swift gave Borchetta "heartfelt thanks" in her statement 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".
Her last four albums all opened with over one million sales in the US, while her most recent, Reputation, has shifted over two million in America and 336,000 in the UK. Check out Taylor Swift's Official UK Chart history in full.
Sir Lucian Grainge, Chairman and CEO of Universal Music Group, said: “Few artists in history approach Taylor Swift's combination of massive global hits and creative brilliance. She is so multi-talented, she can achieve anything. I have such enormous respect for Taylor, in particular for her use of her hard-earned influence to promote positive change. Because of her commitment to her fellow artists, not only did she want to partner with a company that understood her creative vision and had the resources and expertise to execute globally on her behalf, she also sought a partner whose approach to artists was aligned with hers. With these shared beliefs, there is so much we can accomplish together, and all of us at UMG are enormously proud to be embarking on the next chapter of her career alongside her.”
Monte Lipman, founder and CEO, of Republic Records added: “Taylor has not only captured the imagination of an entire generation, but has also redefined the paradigm of the modern music industry. Her commitment to songwriting and performing has earned her the respect of her peers and millions of adoring fans around the world. I can only imagine what Taylor is capable of achieving in the years to come, both culturally and creatively. I’m beyond thrilled to create an alliance with Republic Records and the incomparable Taylor Swift.”