Part 2. Taylor Swift was 15 when she signed the contract that handed over the rights to every song she would record for 13 years. She was 28 when she signed the next one. Same person, two very different deals. The reason the second deal looks the way it does is because she lived through the first.
In 2005, Swift signed with Big Machine Records, a brand-new Nashville label. Six albums over 13 years. Her father picked up a 3% stake in the label as part of the agreement. Big Machine owned every recording she made. Her debut album, then Fearless, Speak Now, Red, 1989, and Reputation. All of it owned by someone else.
When that contract ended in November 2018, Big Machine was already up for sale. Swift tried to buy back her old recordings. According to her, the only deal on offer required her to record one new album for every old one she wanted back. She refused.
That same month, with her old recordings about to go to the highest bidder, she signed with Universal Music's Republic Records. She insisted on three things. She would own the recordings of every album going forward. Her share of every sale roughly tripled, from a reported 10-15% to over 50%. And the Spotify clause: any money Universal made from selling Spotify shares had to be paid to every Universal artist, in cash, even artists who owed money back to the label.
The first two clauses were for her. The third one, she could have kept just for herself. She didn't.
Seven months later, music manager Scooter Braun bought Big Machine for around $300 million. Swift's old recordings made up roughly 80% of the label's revenue. She had no say. A year and a half after that, Braun sold her recordings to an investment firm called Shamrock Capital for around $405 million. She had no say in that sale either.
So she did the only thing she could. She started re-recording her old albums. Fearless (Taylor's Version) came out in April 2021, then Red, then Speak Now, then 1989. The Eras Tour, built around the re-recordings, grossed roughly $2.2 billion. In May 2025, Shamrock Capital finally sold the original recordings back to her for $360 million. It had taken 20 years.
This week, the clause she fought for in 2018 finally pays out. Hundreds of millions of dollars are landing in Universal artists' bank accounts. Most of those artists never had to take on a label the way Swift did. She did it for them eight years ago, while her own catalog was being sold out from under her.