Although tours by pop superstars like Olivia Rodrigo and Sabrina Carpenter are currently underway, the most significant recent event in the global music industry has been the anticipation of “Reputation (Taylor’s Version)” by Taylor Swift. Social media was in a frenzy. Tomorrow, next week, next month… fans competed in predictions and searched for “Easter eggs” in completely trivial things.
Hysteria and a Turning Point
When the new version of “Look What You Made Me Do” appeared in an episode of The Handmaid’s Tale on May 20, fans went wild with excitement. They expected Taylor to announce the joyous news at the American Music Awards (AMAs) on May 26. But when the world’s most popular singer didn’t show up, many fans sank into disappointment. The Swiftie fandom was further disheartened when the AMAs awarded her nothing. Just four days later, on May 30, a letter arrived that changed everything.
A Dream Come True
Taylor announced in a handwritten letter posted to her official website that her greatest dream had come true—she now owns all her albums, her entire artistic body of work spanning nearly two decades. “All the music I’ve ever created now belongs to me.” More precisely, Swift bought back the masters—original recordings—of her first six albums from Shamrock Capital (a company owned by Disney): “Taylor Swift,” “Fearless,” “Speak Now,” “Red,” “1989,” and “Reputation.”
And it’s not just about the songs, as Swift rightly pointed out, but also the music videos, concert films, photos, album covers, unreleased tracks… “The Memories. The Magic. The Madness. Every single era. My entire life’s work,” she wrote in the letter. With this move, Swift joined a rare group of artists—like Prince and Stevie Wonder—who achieved full ownership of their music. Even The Beatles, Elvis Presley, and Whitney Houston never owned their masters. Once again, Taylor did the unthinkable and amazed both her fans and the music world.
A Professional Theft
It all began in June 2019 when Scott Borchetta, owner of Big Machine Records (the label that discovered Taylor), sold his company to Scooter Braun’s Ithaca Holdings—including Swift’s first six albums—for $330 million. Borchetta had previously rejected Swift’s offer to buy her masters, even though she tried to reach a deal. According to Swift, it was “the worst possible scenario.” Braun, who managed artists like Justin Bieber and Kanye West—the latter notoriously trying to sabotage Swift—acquired the albums without Swift’s involvement in the negotiations. Borchetta and Braun presented the transaction as a purely legal business move. Legally valid, perhaps, but morally corrupt.
Swift had signed a predatory contract with Big Machine Records at just 15, at the very start of her career. Borchetta used the opportunity to enrich himself—about 80% of the label’s revenue came from the music of the young prodigy from Pennsylvania. He was like a surrogate father to Taylor, yet he ultimately saw her only as a profit machine. That betrayal inspired her 2020 song “My Tears Ricochet.” By the end of 2020, Braun sold the albums to Disney’s Shamrock Capital for $405 million with bonuses.
Alone Against the World
It’s noteworthy that much of the music industry did not side with Swift in 2019. The general consensus was that such things were normal in the entertainment industry—maybe unfair, but accepted practice. “Just deal with it,” many peers told her directly or indirectly. That inspired Taylor to write the 2022 song “You’re On Your Own, Kid.” And she truly was on her own. But she found a solution.
Since she had written all her lyrics and melodies herself or with co-writers, she had the right to re-record them. Singer-songwriter Kelly Clarkson was the first to suggest this. Though many observers thought Swift was bluffing or making a mistake, the decision proved brilliant. The re-recorded albums—“Fearless” and “Red” in 2021, “Speak Now” and “1989” in 2023—titled with Taylor’s Version, were hugely successful, surpassing the originals in popularity and often in quality (with a few exceptions like “Holy Ground” and “Enchanted”). The re-recordings helped fuel the massive success of The Eras Tour. SZA even stated that Taylor’s Versions were the biggest blow to the establishment.
An Expensive Return of the Stolen
Interestingly, a photo of Taylor holding the original albums was taken back on March 27 this year. Clearly, the deal was completed by then but kept secret until May 30. Taylor revealed that Shamrock Capital’s management first approached her with an offer to buy back the albums. The exact price isn’t known, but Billboard reported that the world’s most popular singer had to shell out $360 million to reclaim what she created. According to Forbes, Swift’s total net worth was $1.6 billion both before and after the purchase. Her assets now include the reclaimed albums. This means she had to spend around 20% of her wealth to regain what was rightfully hers. For comparison, the total value of all eight of her real estate properties doesn’t exceed $100 million.
Taylor managed to buy back her albums thanks to: (1) the re-recordings, which brought down their market price, and (2) the enormous revenue from The Eras Tour. It’s now clear she was driven by a higher purpose. Scooter Braun later claimed he was happy for Taylor, trying to salvage his reputation—but that stain will remain, just like Borchetta’s. Their place in history will be alongside usurers and profiteers, while Taylor Swift’s name belongs with the likes of Michael Jackson and William Shakespeare.
The Fate of “Debutation”
In her letter, Taylor revealed that she hasn’t even recorded a quarter of “Reputation (Taylor’s Version).” “All that drama, the heartbreak, the rage, the mischaracterization. I kept putting it off because I thought it couldn’t be improved upon by re-doing the music or visuals,” she admitted. She also confirmed that her debut album (“Taylor Swift”) is fully re-recorded and that she’s pleased with the result. “Those two albums can still have their moments. When the time is right, if that’s something you guys would be excited about, we’ll see,” she concluded modestly. Of course, the entire Swiftie community desperately wants those albums. The debut will undoubtedly be released, as well as unreleased vault songs from Reputation. It’s unclear whether Swift will re-record the entire Reputation album or just a deluxe version. The letter is full of Easter eggs hinting that TS12 is in the works and might be her next original album. In the meantime, Swifties can enjoy guilt-free listening and viewing of these masterpieces. The 2017 Reputation is already topping charts worldwide.
A Revolutionary Move for the Music World
Why is reclaiming masters so important for the music industry? Because with this move, Taylor Swift once again redefined modern pop music, as music critic Rob Sheffield aptly noted. “Every time a new artist tells me they signed a deal knowing they’ll own their masters—it’s because of this battle,” Swift concluded. In the future, young artists will have the chance to sign record deals where they retain ownership of their masters. They’ll gain the independence that generations of artists could only dream of. May 30 may one day be celebrated not only as Taylor Swift’s Independence Day but also as the Day of Musical Independence.
Taylor has once again set a new standard in the industry, encouraging other artists to take control of their own creative work. Her victory in this six-year-long battle (referenced in her song “The Great War”) will inspire artists around the world to stand up for their rights and artistic freedom. All respect to record labels, but without singer-songwriters, there are no songs. There is only one Taylor Swift—the greatest artist of our time.
Author: Matija Šerić
Featured image: X/taylorswift13
