In a striking turn of events, music manager Scooter Braun made headlines after selling Taylor Swift’s music for millions. In 2019, Braun’s company, Ithaca Holdings LLC, purchased Big Machine Label Group for a staggering $300 million. This acquisition included the master rights to Taylor Swift’s first six albums, which caused an uproar among Swift and her fans. Recently, Braun sold these master rights, allowing him to profit from Swift’s work without her consent.
The value of Swift’s master catalog, which spans from her 2006 debut album to 2017’s Reputation, was estimated at around $140 million, meaning Braun earned a significant profit simply by acquiring and selling her music. On November 16, 2020, Swift took to Twitter to express her frustration regarding Braun’s actions and her attempts to regain ownership of her music.
“I’ve been trying to buy back my master recordings for over a year,” she shared, detailing how her team engaged in negotiations with Braun’s representatives. However, they required her to sign a stringent non-disclosure agreement (NDA) that would prevent her from speaking negatively about Braun, even before she could access the financial records necessary for the purchase.
Swift highlighted the unorthodox nature of this NDA, comparing it to agreements used to silence victims of assault. She revealed that she was only informed about Braun’s sale after receiving a letter from Shamrock Holdings, the private equity firm that purchased her music, which stated that they were barred from contacting her due to Braun’s demands.
Fortunately, Swift has since released her last two albums through Universal Music Group and has started the process of re-recording her earlier masters, describing this endeavor as both “exciting” and “creatively fulfilling.” In her message, she ended on a positive note, saying, “I love you guys and I’m just gonna keep cruising, as they say.”
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Summary:
Scooter Braun’s sale of Taylor Swift’s music has raised significant ethical questions about ownership and profit in the music industry. Swift’s attempts to regain control of her work have been met with resistance, highlighting the challenges artists face in protecting their creations. Despite the setbacks, she is taking steps to reclaim her artistry through re-recording her earlier albums.