As reported by The Wall Street Journal the Universal Music Group is reforming its contract to widen the spell in which artists can re-record their melody. This action was taken in context to the huge success of Taylor Swift’s re-recorded albums and the attempts that music labels often do to procure more rights from the singers who attempt to re-record. The previous contract was that artists could not record until the 5 years after their last relinquished recording or the span of 2 years after the end of the contract.
This time the contract has been extended to 7 years if the last recording and the next extension is 5 years after the completion of the contract. Although Taylor Swift owns her music rights, the first label Big Machine Record sold rights to the original tape to a big firm in 2019. Later it was reported that her tape was sold to an investment fund for about $300 million in 2020, the time when she could re-record her music. She has re-recorded her albums like Fearless, 2008, and Red, 2012 with prefix Taylor Swift’s version to distinguish the freehold.
Music labels have been losing their grasp since the platforms like Apple music, Spotify has emerged and the impact of such streaming platforms is an alteration in the way business is done as artists can release and foster their work without the aid of Music labels. This major extension in the period would slow down the pace of competition in the major forge period within 10 years, reports WSJ. This change will also impact the relation-building between an artist and music labels for sure.