Swift signs landmark record deal with UMG
US singer Taylor Swift on Monday announced a new record deal with Universal Music Group (UMG) that will give her greater control over her music and could boost future payouts to artists for music played on streaming service Spotify.
Swift, who is one of pop music's wealthiest and most influential artists, said the deal included an agreement that any potential sale of UMG's shares in Spotify "result in a distribution of money to their artists, non-recoupable".
"They have generously agreed to this, at what they believe will be much better terms than paid out previously by other major labels," she told her 113 million Instagram followers.
Spotify, which is the world's most popular paid music streaming service, went public in April.
Swift, 28, wrote: "I feel strongly streaming was founded on and continues to thrive based on the magic created by artists, writers and producers."
She will also own all her master recordings going forward.
UMG chief executive Lucian Grainge said in a statement that he respected Swift's campaign for better terms.
"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," he said. - REUTERS