06/11/2025 | Press release | Distributed by Public on 06/11/2025 13:22
Franny Lazarus
Ohio State News
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On May 30, Taylor Swift made an announcement that surprised fans and music industry insiders alike:
"All of the music I've ever made… now belongs… to me," she said in a statement on her website.
In 2019, Swift's then-label Big Machine Records sold her entire catalog, six albums at the time. She maintained that she was not provided the opportunity to purchase them herself, under acceptable conditions. In an effort to regain control of her work, and dilute the value of her original albums, she re-recorded four of the six.
But now, she owns everything: the originals and the new versions.
Two Ohio State professors offer their thoughts on what this means for the record industry and for musical artists.
What is a master recording?
When an artist signs a contract with a record label, the label typically covers recording fees, marketing fees and other costs upfront. This provides the artist a better chance of having a successful album. The record label also owns these original, or master, recordings.
Jesse Walker, assistant professor of marketing and logistics at The Ohio State University's Fisher College of Business, played bass for the group Flobots for nine years. While this initial monetary support can be helpful, he said, it can also present a challenge to a band.
"You basically pay back that advanced cash through your royalty percentage," he said. "Essentially the record company is giving you a massive loan. Only once you pay it back do you start receiving your portion of the royalties."
Walker, who was in the band from 2005-2014, said they still do not own the masters for the three records they released while signed to labels.
While Swift no longer needs to worry about the royalties - her estimated net worth is $1.6 billion - she has talked about the sentimental and creative attachment she has to her work. Jason Rawls, assistant professor of hip-hop in the School of Music, echoed this sentiment.
"There's something to be said for owning your own music, your own product," said Rawls, who is both a producer and recording artist, going by J Rawls professionally. "When you create music, it's part of you. It's who you are. It's almost like having a baby."
Will this change the record industry?
Neither Walker nor Rawls thought Swift's announcement would change much in the record industry.
"There may be changes here and there," Rawls said, "but I don't see sweeping changes. The industry is the way it is for a reason. The record companies aren't going to give up that much power. Still, it's a step in the right direction."
Walker agreed. Swift's ability to craft a narrative around the sale of her masters, including the re-recordings, made this a unique situation.
"The re-recordings, from a business perspective, that's brilliant," he said. "She was able to do that because she's a highly effective storyteller. I don't know if another artist out there would be able to spin that narrative as successfully as she did."
Getting people to listen to the re-recordings, dubbed "Taylor's Versions", is impressive on its own, Walker said. In fact, many of Swift's fans refused to listen to the masters out of loyalty to the performer.
"Replications of art are not valued nearly as much as the original," he said. "What she's done is a kind of replication. It may have worked because she built this amazing story around it. I don't think most artists would be able to do that."
What does the future look like?
While Walker doesn't anticipate a cascade of change in the record industry, he does believe that the conversation around Swift's music has raised other concerns.
"What does it mean to monetize art?" he said. "I don't think most people like the idea of a faceless corporation owning the music that they're listening to. They want to support the artist, right? But the labels could argue that they add a lot of value, that they do things artists can't do themselves. So, how valuable is that?"
Rawls is happy that Swift's campaign is calling attention to the complexities of record deals.
"Most artists assigned to major record labels never own their masters," he said. "To be able to own them must be one of the best feelings in the world. What she's accomplished is magnificent. It's a win for all of us."
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