1 00:00:00,560 --> 00:00:05,680 Speaker 1: Already and this is the Daily This is the Daily OS. Oh, 2 00:00:05,880 --> 00:00:16,239 Speaker 1: now it makes sense. Good morning, and welcome to the 3 00:00:16,280 --> 00:00:18,759 Speaker 1: Daily OS. It's Monday, the ninth of June. I'm Billy 4 00:00:18,760 --> 00:00:22,000 Speaker 1: fitz Simon's I'm Sam Kazlowski. About two weeks ago, or 5 00:00:22,160 --> 00:00:25,119 Speaker 1: just under that, Taylor Swift announced that she brought the 6 00:00:25,200 --> 00:00:28,720 Speaker 1: masters to her first six albums, meaning she now effectively 7 00:00:28,760 --> 00:00:32,240 Speaker 1: owns all of her albums and has complete control over 8 00:00:32,280 --> 00:00:35,680 Speaker 1: her creative work. It was a surprising development that brought 9 00:00:35,760 --> 00:00:38,320 Speaker 1: an end to one of the biggest and long standing 10 00:00:38,360 --> 00:00:42,080 Speaker 1: stories in pop culture over the past five years. So 11 00:00:42,240 --> 00:00:45,239 Speaker 1: what does an artist owning their masters actually mean? And 12 00:00:45,400 --> 00:00:48,160 Speaker 1: how will this impact the music industry as a whole. 13 00:00:52,040 --> 00:00:55,360 Speaker 2: Billy, I really love this story because it brings in 14 00:00:55,680 --> 00:00:58,440 Speaker 2: one of your favorite pop stars. It's probably your favorite 15 00:00:58,440 --> 00:00:58,840 Speaker 2: pop stars. 16 00:00:58,880 --> 00:01:00,800 Speaker 1: Okay. I was going to say, I'm so glad that 17 00:01:00,840 --> 00:01:03,240 Speaker 1: I'm doing this podcast with you, because when we first 18 00:01:03,240 --> 00:01:05,840 Speaker 1: started working together, for the first two years, we drove 19 00:01:05,880 --> 00:01:08,520 Speaker 1: to work together every single day, and I would always 20 00:01:08,560 --> 00:01:11,120 Speaker 1: want to put on Taylor Swift. And not only would 21 00:01:11,120 --> 00:01:13,160 Speaker 1: I want to sing with you, Taylor Swift, but I 22 00:01:13,200 --> 00:01:16,920 Speaker 1: wanted to explain to you the stories behind every single song, 23 00:01:17,240 --> 00:01:20,679 Speaker 1: and a lot of the songs are about this master's dispute. 24 00:01:20,760 --> 00:01:23,960 Speaker 2: So I want every listener to imagine this. You're sitting 25 00:01:24,040 --> 00:01:26,000 Speaker 2: in the car with Billy in the passenger seat. She 26 00:01:26,160 --> 00:01:30,840 Speaker 2: pauses the song to explain the lyric and then keeps 27 00:01:30,840 --> 00:01:31,400 Speaker 2: playing the song. 28 00:01:31,560 --> 00:01:33,319 Speaker 1: I need to pause ten seconds later, and so the 29 00:01:33,400 --> 00:01:35,319 Speaker 1: fact that we are now in a podcast studio and 30 00:01:35,360 --> 00:01:38,160 Speaker 1: you actually have to sit there for the next fifteen 31 00:01:38,200 --> 00:01:40,520 Speaker 1: minutes or so. As I explained, I'm. 32 00:01:40,480 --> 00:01:42,959 Speaker 2: So excited, thrilled. But it's a really amazing story. It 33 00:01:43,000 --> 00:01:46,320 Speaker 2: brings in a lot of interesting dynamics that are more 34 00:01:46,360 --> 00:01:49,160 Speaker 2: related to the business side of music, to the way 35 00:01:49,280 --> 00:01:53,120 Speaker 2: that artists are managed and they manage their own catalog. 36 00:01:53,680 --> 00:01:55,360 Speaker 2: Where do you want to start with this story? 37 00:01:55,680 --> 00:01:58,960 Speaker 1: I think we should start with what we're actually talking about. 38 00:01:58,960 --> 00:02:01,280 Speaker 1: So we're not talking about all of her albums. We're 39 00:02:01,360 --> 00:02:04,880 Speaker 1: just talking about the first six. So that starts with 40 00:02:05,160 --> 00:02:07,720 Speaker 1: her first album that she released in two thousand and six, 41 00:02:07,760 --> 00:02:10,480 Speaker 1: which was called Taylor Swift, and then it goes all 42 00:02:10,480 --> 00:02:14,640 Speaker 1: the way through to her Reputation album released in twenty seventeen. Now, 43 00:02:14,760 --> 00:02:16,880 Speaker 1: when I think of you, I think about you being 44 00:02:16,880 --> 00:02:17,520 Speaker 1: a reputation. 45 00:02:17,639 --> 00:02:20,200 Speaker 2: Boy, Yeah, I'm lately in the reputation that you are. Yeah, 46 00:02:20,200 --> 00:02:22,000 Speaker 2: that's you. Okay, So we're talking about more than a 47 00:02:22,040 --> 00:02:23,520 Speaker 2: decade of music exactly. 48 00:02:23,639 --> 00:02:26,880 Speaker 1: So this all started when Swift was fifteen, so in 49 00:02:26,880 --> 00:02:29,720 Speaker 1: two thousand and five, and that is when she signed 50 00:02:29,720 --> 00:02:33,120 Speaker 1: with the record label Big Machine Records. Now, they were 51 00:02:33,240 --> 00:02:36,960 Speaker 1: a completely new record company and it was founded by 52 00:02:37,000 --> 00:02:40,280 Speaker 1: a man named Scott Buscheedda and he had a particular 53 00:02:40,320 --> 00:02:42,799 Speaker 1: focus on country music, which, as we know, is where 54 00:02:42,840 --> 00:02:46,440 Speaker 1: Taylor Swift got her start. Sure, and so at that time, 55 00:02:46,520 --> 00:02:49,080 Speaker 1: when she was fifteen, right in the middle of her 56 00:02:49,080 --> 00:02:52,960 Speaker 1: teenage years, Swift signed over the ownership of her first 57 00:02:53,040 --> 00:02:55,160 Speaker 1: six studio albums Masters. 58 00:02:55,280 --> 00:02:57,520 Speaker 2: And I feel like masters is the first piece of 59 00:02:57,800 --> 00:02:59,720 Speaker 2: music jargon that we need to get out around. So 60 00:03:00,040 --> 00:03:01,800 Speaker 2: exactly do you mean when you say masters? 61 00:03:02,120 --> 00:03:04,960 Speaker 1: I actually didn't know this until I did all of 62 00:03:05,000 --> 00:03:07,399 Speaker 1: the research. I just presumed that it was the intellectual 63 00:03:07,400 --> 00:03:09,240 Speaker 1: property of her album, which it kind of is, but 64 00:03:09,280 --> 00:03:12,519 Speaker 1: it's a very specific form of that. So a master 65 00:03:12,720 --> 00:03:16,120 Speaker 1: is actually just the original recording of a song, so 66 00:03:16,480 --> 00:03:20,200 Speaker 1: a file exactly, So every other version of that song 67 00:03:20,280 --> 00:03:22,799 Speaker 1: that we hear on streaming platforms or on YouTube or 68 00:03:22,840 --> 00:03:26,360 Speaker 1: anything like that is actually just a copy of that 69 00:03:26,440 --> 00:03:28,640 Speaker 1: song that has kind of been licensed out. 70 00:03:29,600 --> 00:03:31,280 Speaker 2: That makes sense, yeah, kind of, So it's kind of 71 00:03:31,960 --> 00:03:33,880 Speaker 2: like an artwork almost like if you think about the 72 00:03:33,880 --> 00:03:37,040 Speaker 2: painting on the wall, that's the master exactly, and you 73 00:03:37,080 --> 00:03:39,120 Speaker 2: can own a print of that, but it's not the 74 00:03:39,120 --> 00:03:39,880 Speaker 2: original painting. 75 00:03:40,040 --> 00:03:41,800 Speaker 1: That is the perfect analogy. 76 00:03:41,920 --> 00:03:42,920 Speaker 2: Well huh ha ha. 77 00:03:43,640 --> 00:03:47,040 Speaker 1: And so if you don't own your master, it means 78 00:03:47,080 --> 00:03:51,400 Speaker 1: that you don't have total creative control over where and 79 00:03:51,480 --> 00:03:54,600 Speaker 1: how that music is used. You definitely have some control 80 00:03:54,640 --> 00:03:56,760 Speaker 1: and some say in how it is used and everything, 81 00:03:56,840 --> 00:03:59,760 Speaker 1: especially with Taylor Swift, who is also the songwriter of 82 00:04:00,080 --> 00:04:02,960 Speaker 1: all of her songs, but she just doesn't have total 83 00:04:03,040 --> 00:04:06,200 Speaker 1: creative control because that belongs to the person who owns 84 00:04:06,200 --> 00:04:08,600 Speaker 1: the masters, which in this case was her record label. 85 00:04:08,680 --> 00:04:10,400 Speaker 2: So would you say she was looking at these masters 86 00:04:10,400 --> 00:04:12,680 Speaker 2: for a long time and going you belong with me? Yes? 87 00:04:12,880 --> 00:04:16,760 Speaker 2: Thank you? Okay, great point one to Sam, So, Billy, 88 00:04:16,880 --> 00:04:20,760 Speaker 2: is it normal for artists to own these master copies? 89 00:04:20,880 --> 00:04:24,240 Speaker 1: So from my understanding, and certainly what Taylor Swift has 90 00:04:24,440 --> 00:04:26,359 Speaker 1: said is the case, but is what she's trying to 91 00:04:26,480 --> 00:04:30,040 Speaker 1: change for many music artists is that it is actually 92 00:04:30,040 --> 00:04:35,039 Speaker 1: not the standard that artists own their own masters. So historically, 93 00:04:35,120 --> 00:04:38,560 Speaker 1: how it usually has worked is that record labels will 94 00:04:38,600 --> 00:04:43,320 Speaker 1: hold the ownership of masters and also all related materials, 95 00:04:43,320 --> 00:04:46,599 Speaker 1: so things like music videos, album covers, all of the 96 00:04:46,880 --> 00:04:50,360 Speaker 1: associated materials that comes with an album, they will own 97 00:04:50,440 --> 00:04:54,800 Speaker 1: that and in return, the label provides recording resources, marketing spend, 98 00:04:54,880 --> 00:04:57,480 Speaker 1: financial backing. Kind of, I guess they take on all 99 00:04:57,520 --> 00:05:00,000 Speaker 1: of the distribution. Yeah, and I think, you know, yeah, 100 00:05:00,160 --> 00:05:03,599 Speaker 1: to remember that at fifteen, Taylor Swift didn't have the 101 00:05:03,839 --> 00:05:06,279 Speaker 1: career that she has now obviously, and so I guess 102 00:05:06,320 --> 00:05:08,520 Speaker 1: you could argue that it was kind of a risk 103 00:05:08,640 --> 00:05:11,240 Speaker 1: for them to bring on this new singer. 104 00:05:11,440 --> 00:05:13,480 Speaker 2: Of course, there's all these videos of her, you know, 105 00:05:13,520 --> 00:05:15,800 Speaker 2: performing with a guitar in the shopping mall. Yeah, and 106 00:05:16,400 --> 00:05:19,040 Speaker 2: you know, was really just a fifteen year old who 107 00:05:19,440 --> 00:05:21,800 Speaker 2: was not guaranteed to have this sort of stuf. 108 00:05:21,920 --> 00:05:24,800 Speaker 1: No, definitely not. And Scott Bouschetta saw her, you know, 109 00:05:24,839 --> 00:05:27,240 Speaker 1: singing in a bar and was the one who reached 110 00:05:27,279 --> 00:05:29,039 Speaker 1: out to her and said, I want to sign you 111 00:05:29,120 --> 00:05:31,400 Speaker 1: to my new record label. And so what I just 112 00:05:31,480 --> 00:05:34,359 Speaker 1: explained about, you know, how it traditionally works that is 113 00:05:34,440 --> 00:05:36,360 Speaker 1: how it happened with Taylor Swift. 114 00:05:36,440 --> 00:05:38,000 Speaker 2: So the issue that we're talking about today, and the 115 00:05:38,000 --> 00:05:40,320 Speaker 2: reason we're talking about this on the podcast, is the 116 00:05:40,360 --> 00:05:42,839 Speaker 2: ownership of these master files exactly. 117 00:05:43,240 --> 00:05:45,840 Speaker 1: And she has said that she has made it very 118 00:05:45,880 --> 00:05:50,720 Speaker 1: clear throughout her relationship with Big Machine Records that eventually 119 00:05:50,880 --> 00:05:55,680 Speaker 1: she said she wanted to own these masters. And what 120 00:05:55,839 --> 00:05:59,359 Speaker 1: happened was that after those first six albums, so after 121 00:05:59,400 --> 00:06:02,120 Speaker 1: she completed the contractual agreement that she would give over 122 00:06:02,160 --> 00:06:05,640 Speaker 1: the masters of her first six albums, Big Machine Records 123 00:06:05,680 --> 00:06:08,799 Speaker 1: then said, here is a new deal that would allow 124 00:06:09,000 --> 00:06:11,960 Speaker 1: her to earn the rights to one album at a 125 00:06:12,000 --> 00:06:15,040 Speaker 1: time for every new album that she produced. 126 00:06:15,080 --> 00:06:19,000 Speaker 2: Wow, okay, so keep making music for Big Machine Records 127 00:06:19,279 --> 00:06:22,520 Speaker 2: and in exchange will almost give you one from the 128 00:06:22,560 --> 00:06:25,240 Speaker 2: catalog for you to have this eventual goal exactly. 129 00:06:25,839 --> 00:06:30,080 Speaker 1: She rejected that deal and instead, in twenty eighteen, she 130 00:06:30,240 --> 00:06:33,960 Speaker 1: moved to a new record label, Universal Music Group, who 131 00:06:34,000 --> 00:06:36,960 Speaker 1: allowed her to own the masters of all of her 132 00:06:37,000 --> 00:06:40,919 Speaker 1: future albums. So she basically left her old albums behind, 133 00:06:41,160 --> 00:06:43,799 Speaker 1: but with her new albums was able to now own 134 00:06:43,920 --> 00:06:44,960 Speaker 1: the masters of those. 135 00:06:45,440 --> 00:06:47,719 Speaker 2: We're going to continue this chat about Taylor Swift, write 136 00:06:47,720 --> 00:06:53,479 Speaker 2: after a quick message from our sponsor. And so what 137 00:06:53,680 --> 00:06:56,840 Speaker 2: happened to those old masters? Did they kind of stay 138 00:06:56,839 --> 00:06:59,039 Speaker 2: in the custody of Big Machine Records? 139 00:06:59,120 --> 00:07:03,080 Speaker 1: Yes they did, And shortly after Taylor Swift left, Scott 140 00:07:03,120 --> 00:07:06,680 Speaker 1: Boschedder again, the founder of Big Machine Records, sold the 141 00:07:06,760 --> 00:07:09,840 Speaker 1: company which owned the first six albums of Taylor Swift 142 00:07:10,160 --> 00:07:12,520 Speaker 1: to a man named Scooter Braun. 143 00:07:12,640 --> 00:07:14,840 Speaker 2: Who we know, We know Scooter Braun, We. 144 00:07:14,760 --> 00:07:16,840 Speaker 1: Do know if the name rings a bell, but you 145 00:07:16,880 --> 00:07:20,160 Speaker 1: don't exactly know who we're talking about. Scooter Braun was 146 00:07:20,200 --> 00:07:23,840 Speaker 1: the manager of Justin Bieber. He is credited with discovering 147 00:07:24,040 --> 00:07:27,160 Speaker 1: Justin Bieber, and he's also the manager of many other 148 00:07:27,320 --> 00:07:30,480 Speaker 1: well known artists. He was the manager of Ariana Grande, 149 00:07:30,600 --> 00:07:33,520 Speaker 1: Demi Levado. They're a whole suite of very famous artists 150 00:07:33,520 --> 00:07:36,400 Speaker 1: who Scooter Braun was the manager of. I almost think 151 00:07:36,440 --> 00:07:39,160 Speaker 1: now though he's just as well known for this dispute 152 00:07:39,200 --> 00:07:42,080 Speaker 1: with Taylor Swift as he is for being the manager 153 00:07:42,320 --> 00:07:43,280 Speaker 1: is well known artists. 154 00:07:43,360 --> 00:07:44,600 Speaker 2: Well, I feel like it's been going on for a 155 00:07:44,600 --> 00:07:47,000 Speaker 2: couple of years now. So he came over. Where are 156 00:07:47,000 --> 00:07:49,040 Speaker 2: we in the timeline? So he came over and became 157 00:07:49,960 --> 00:07:52,200 Speaker 2: the owner of Big Machine Records in about twenty eighteen, 158 00:07:52,240 --> 00:07:54,560 Speaker 2: twenty nineteen. Yes, so he's been This has been a 159 00:07:54,560 --> 00:07:56,960 Speaker 2: plot line for a couple of years now. Yeah. 160 00:07:57,160 --> 00:07:57,560 Speaker 1: Yeah. 161 00:07:57,600 --> 00:08:02,160 Speaker 2: And why was it so controversial four Big Machine Records 162 00:08:02,160 --> 00:08:03,320 Speaker 2: to be sold to Scooter Braun? 163 00:08:03,560 --> 00:08:06,640 Speaker 1: So I had forgot this, But Scooter Braun was actually 164 00:08:06,720 --> 00:08:11,000 Speaker 1: Kanye West manager right after he published that song famous. 165 00:08:11,040 --> 00:08:13,960 Speaker 1: Do you remember that? It was very big at the time. 166 00:08:14,040 --> 00:08:16,520 Speaker 1: It was big because it was so controversial because it 167 00:08:16,560 --> 00:08:19,240 Speaker 1: had the lyrics I feel like me and Taylor might 168 00:08:19,280 --> 00:08:22,720 Speaker 1: still have sex. Why I made that bitch famous? And 169 00:08:22,920 --> 00:08:26,360 Speaker 1: in the music video it depicted a naked version. 170 00:08:26,040 --> 00:08:28,680 Speaker 2: Of Taylor and so some context there. So that refers 171 00:08:28,720 --> 00:08:31,120 Speaker 2: to the two thousand and nine incident at the Video 172 00:08:31,240 --> 00:08:35,199 Speaker 2: Music Awards the VMAs, where Taylor Swift had won an 173 00:08:35,240 --> 00:08:38,360 Speaker 2: award and Kanye West got up on stage and essentially said, no, 174 00:08:38,440 --> 00:08:41,800 Speaker 2: this award should belong to Beyonce. And that moment on 175 00:08:41,880 --> 00:08:45,640 Speaker 2: stage was a really polarizing moment of pop culture. That's 176 00:08:45,679 --> 00:08:47,840 Speaker 2: the moment that West is referring to exactly. 177 00:08:47,920 --> 00:08:52,000 Speaker 1: And West was basically taking credit for Taylor Swift being famous, 178 00:08:52,040 --> 00:08:55,680 Speaker 1: and so Taylor had some pretty complicated feelings. 179 00:08:55,320 --> 00:08:58,000 Speaker 2: About that, and so Scooter Braun at the time then 180 00:08:58,080 --> 00:09:01,560 Speaker 2: managed Taylor Swift and Kanye West, who had just written 181 00:09:01,559 --> 00:09:02,480 Speaker 2: this controversial lyric. 182 00:09:02,600 --> 00:09:05,360 Speaker 1: Well, Scooter Braun wasn't the manager of Taylor Swift because 183 00:09:05,400 --> 00:09:08,800 Speaker 1: she had left, but he was the manager of Kanye West. 184 00:09:08,800 --> 00:09:13,000 Speaker 1: But Taylor Swift had no professional relationship with Scooter Braun 185 00:09:13,360 --> 00:09:16,840 Speaker 1: outside of him just owning her previous hour list. 186 00:09:16,880 --> 00:09:18,000 Speaker 2: Sorry, does that make sense? 187 00:09:18,080 --> 00:09:18,240 Speaker 1: Yep? 188 00:09:18,400 --> 00:09:22,040 Speaker 2: Okay, So he basically had some crossover between Kanye West 189 00:09:22,040 --> 00:09:24,960 Speaker 2: and Taylor Swift at the same time, exactly right now. 190 00:09:25,040 --> 00:09:27,840 Speaker 1: In twenty nineteen, when the news broke that Big Machine 191 00:09:27,880 --> 00:09:31,520 Speaker 1: Records had sold to Scooter Braun, Swift released a statement 192 00:09:31,679 --> 00:09:35,440 Speaker 1: to Tumbla Tumbla. Now, the statement was quite lengthy. I'm 193 00:09:35,480 --> 00:09:38,040 Speaker 1: obviously not going to read it out all, but I 194 00:09:38,120 --> 00:09:40,400 Speaker 1: do want to read out a little bit. She said, 195 00:09:41,000 --> 00:09:44,520 Speaker 1: all I could think about was the incessant, manipulative bullying 196 00:09:44,640 --> 00:09:48,200 Speaker 1: I've received at his hands for years. They're obviously referring 197 00:09:48,240 --> 00:09:51,000 Speaker 1: to Scooter Braun. Then she goes on or when his 198 00:09:51,120 --> 00:09:54,400 Speaker 1: client Kanye West organized a revenge porn music video which 199 00:09:54,440 --> 00:09:57,600 Speaker 1: strips my body naked. Now Scooter has stripped me of 200 00:09:57,600 --> 00:10:01,199 Speaker 1: my life's work that I wasn't given an opportunity to buy. 201 00:10:01,720 --> 00:10:05,200 Speaker 1: This is my worst case scenario. So don't think you 202 00:10:05,280 --> 00:10:09,040 Speaker 1: can overstate how much Taylor Swift did not want to 203 00:10:09,080 --> 00:10:13,560 Speaker 1: have any involvement with Scooter Braun. Another part of this 204 00:10:13,760 --> 00:10:16,600 Speaker 1: is that Taylor Swift also claimed that she didn't even 205 00:10:16,679 --> 00:10:19,640 Speaker 1: know that Scooter Braun was going to be buying her 206 00:10:19,840 --> 00:10:22,640 Speaker 1: albums until the rest of the world did. Now that 207 00:10:22,840 --> 00:10:27,720 Speaker 1: is disputed because her father, he is actually a shareholder 208 00:10:27,800 --> 00:10:30,760 Speaker 1: of Big Machine Records, and so they said that they 209 00:10:30,800 --> 00:10:33,600 Speaker 1: did know because the father is a shareholder and so 210 00:10:33,640 --> 00:10:36,640 Speaker 1: he knew about the sale. That's disputed. That's just another 211 00:10:36,760 --> 00:10:38,600 Speaker 1: side part of this whole story. 212 00:10:38,679 --> 00:10:41,560 Speaker 2: Okay, so what did Scooter Braun say? What's his version 213 00:10:41,600 --> 00:10:42,199 Speaker 2: of events here? 214 00:10:42,320 --> 00:10:45,840 Speaker 1: Scooter Braun's version of events is that he tried to 215 00:10:45,880 --> 00:10:48,640 Speaker 1: have an open conversation with Taylor Swift and that that 216 00:10:48,800 --> 00:10:52,360 Speaker 1: was rejected by her team and Taylor Swift herself at 217 00:10:52,400 --> 00:10:55,520 Speaker 1: every stage. And so he's saying, we tried to have 218 00:10:55,559 --> 00:10:58,960 Speaker 1: a conversation that didn't go down, and so now I 219 00:10:59,000 --> 00:11:01,240 Speaker 1: can't really engage with you if you're not even willing 220 00:11:01,320 --> 00:11:01,920 Speaker 1: to speak to me. 221 00:11:02,120 --> 00:11:03,800 Speaker 2: So a bit of a stalemate there, and so how 222 00:11:03,800 --> 00:11:06,560 Speaker 2: did we get from that stalemate to where we are today, 223 00:11:06,840 --> 00:11:09,679 Speaker 2: which is that the ownership of these masters has now 224 00:11:09,720 --> 00:11:11,120 Speaker 2: transferred to Taylor Swift. 225 00:11:11,360 --> 00:11:14,400 Speaker 1: So before we get to what happened two weeks ago, 226 00:11:14,880 --> 00:11:17,320 Speaker 1: what you also need to know is that in twenty twenty, 227 00:11:17,400 --> 00:11:20,800 Speaker 1: Scooter Braun actually sold the masters of Taylor's albums to 228 00:11:20,840 --> 00:11:23,439 Speaker 1: someone else. He then sold it to This. 229 00:11:23,480 --> 00:11:24,400 Speaker 2: Is complicated, I know. 230 00:11:24,559 --> 00:11:26,840 Speaker 1: He then sold it to a private equity firm that 231 00:11:26,960 --> 00:11:30,920 Speaker 1: is called Shamrock Capital. And so for the past five 232 00:11:31,040 --> 00:11:34,280 Speaker 1: years they have been the owners of these masters. 233 00:11:34,600 --> 00:11:37,160 Speaker 2: Okay, so Scooter Braun owns it because he bought Big 234 00:11:37,200 --> 00:11:39,760 Speaker 2: Machine Records. Yes, he then sells it, just the masters 235 00:11:39,760 --> 00:11:42,160 Speaker 2: to a private equity firm. The private equity firm then 236 00:11:42,200 --> 00:11:45,640 Speaker 2: holds these masters until two weeks ago when Taylor Swift 237 00:11:45,640 --> 00:11:46,760 Speaker 2: flights them exactly. 238 00:11:46,840 --> 00:11:49,880 Speaker 1: So, two weeks ago, Taylor Swift announced via a letter 239 00:11:49,920 --> 00:11:52,840 Speaker 1: on her website that she had bought the rights to 240 00:11:53,080 --> 00:11:56,320 Speaker 1: her albums. Now, a lot of headlines were saying that 241 00:11:56,400 --> 00:11:59,240 Speaker 1: she bought back the rights to her albums, but I 242 00:11:59,240 --> 00:12:01,680 Speaker 1: don't think that's accurately because you can't buy it back 243 00:12:01,720 --> 00:12:02,560 Speaker 1: if you never owned. 244 00:12:03,200 --> 00:12:05,720 Speaker 2: She never actually had she never own ownership over it. 245 00:12:05,800 --> 00:12:06,800 Speaker 2: Yeah right, I'll. 246 00:12:06,600 --> 00:12:09,360 Speaker 1: Read you out some of her statement. She said, to 247 00:12:09,400 --> 00:12:12,040 Speaker 1: say this is the greatest dream come true is actually 248 00:12:12,120 --> 00:12:14,959 Speaker 1: being pretty reserved about it. All I have ever wanted 249 00:12:15,080 --> 00:12:17,600 Speaker 1: was the opportunity to work hard enough to be able 250 00:12:17,600 --> 00:12:21,040 Speaker 1: to one day purchase my music outright, with no strings attached, 251 00:12:21,320 --> 00:12:24,560 Speaker 1: no partnership, with full autonomy. And so what she's saying 252 00:12:24,600 --> 00:12:26,800 Speaker 1: there is that she was actually able to buy these 253 00:12:26,920 --> 00:12:31,160 Speaker 1: completely herself, and so now she has full ownership of 254 00:12:31,240 --> 00:12:34,440 Speaker 1: all of the music that she has ever created. I 255 00:12:34,480 --> 00:12:36,959 Speaker 1: also want to say she addressed what we haven't even 256 00:12:37,000 --> 00:12:39,840 Speaker 1: spoken about, is that she re recorded her albums. She 257 00:12:39,920 --> 00:12:42,480 Speaker 1: remembered that Taylor's version, Taylor's version. 258 00:12:42,520 --> 00:12:45,559 Speaker 2: Okay, the pieces are coming together. Yeah, slowly, but surely 259 00:12:45,600 --> 00:12:47,599 Speaker 2: the pieces are coming together. Okay, So let me just 260 00:12:47,679 --> 00:12:50,920 Speaker 2: make sense of this for all the non Swifties listening. Yes, 261 00:12:50,960 --> 00:12:53,160 Speaker 2: so she was in the situation where she didn't own 262 00:12:53,160 --> 00:12:56,240 Speaker 2: the masters of these songs that were the early albums, 263 00:12:56,280 --> 00:12:59,840 Speaker 2: and so I'd say we're talking here like early twenty twenty. 264 00:13:00,240 --> 00:13:00,480 Speaker 1: Yep. 265 00:13:00,640 --> 00:13:03,040 Speaker 2: She then thought to herself, all right, well, if I 266 00:13:03,080 --> 00:13:06,040 Speaker 2: can't own those masters, I'll go record new masters. 267 00:13:06,240 --> 00:13:08,840 Speaker 1: Exactly. Ah huh, And so that is why she was 268 00:13:08,920 --> 00:13:12,600 Speaker 1: re recording her first six albums. She actually only got 269 00:13:12,640 --> 00:13:16,080 Speaker 1: through four of them. And so everyone this year has 270 00:13:16,120 --> 00:13:19,840 Speaker 1: been speculating that we were going to get reputation your era. Yes, 271 00:13:20,400 --> 00:13:24,520 Speaker 1: of course, so we were all waiting for a reputation announcement, 272 00:13:24,920 --> 00:13:27,320 Speaker 1: and instead she announced it she's actually bought back the 273 00:13:27,400 --> 00:13:28,680 Speaker 1: masters to those albums. 274 00:13:28,840 --> 00:13:31,240 Speaker 2: I do want to say though, that I mean, there 275 00:13:31,320 --> 00:13:33,840 Speaker 2: is obviously with that statement, there's a real sense of 276 00:13:34,520 --> 00:13:38,880 Speaker 2: artistic ownership and the owner of the intellectual property is 277 00:13:38,920 --> 00:13:40,760 Speaker 2: now the creator of the song. And I think that 278 00:13:40,800 --> 00:13:42,920 Speaker 2: there's obviously a lot of merit and truth to that, 279 00:13:43,000 --> 00:13:45,280 Speaker 2: but it can't be ignored that there is massive commercial 280 00:13:45,280 --> 00:13:48,600 Speaker 2: benefit to owning masters of songs as well. 281 00:13:48,720 --> 00:13:50,560 Speaker 1: I see what you're saying. You're saying like this is 282 00:13:50,720 --> 00:13:53,000 Speaker 1: a business deal at the end of the day that 283 00:13:53,040 --> 00:13:55,439 Speaker 1: will result in great financial benefit for her. 284 00:13:55,600 --> 00:13:58,760 Speaker 2: Well, it rightly ensures that she continues to profit from 285 00:13:58,920 --> 00:13:59,959 Speaker 2: her work. 286 00:13:59,760 --> 00:14:02,680 Speaker 1: On which she would say is a great thing because 287 00:14:02,679 --> 00:14:03,560 Speaker 1: she created. 288 00:14:03,240 --> 00:14:05,720 Speaker 2: It, of course, and she would say that every artist 289 00:14:05,840 --> 00:14:09,600 Speaker 2: should have that arrangement with their own songs. Yes, but 290 00:14:09,679 --> 00:14:11,720 Speaker 2: it's important to know, I mean, you know, Taylor Swift 291 00:14:11,760 --> 00:14:14,319 Speaker 2: is one of the most successful business people on the planet, 292 00:14:14,840 --> 00:14:17,840 Speaker 2: and this essentially now means that for the rest of 293 00:14:17,840 --> 00:14:20,880 Speaker 2: her life she'll be able to license her own songs, 294 00:14:20,920 --> 00:14:24,200 Speaker 2: her masters, to movies, to new artists. I mean, think 295 00:14:24,240 --> 00:14:27,760 Speaker 2: about the way that Beatles songs are used sixty seventy 296 00:14:27,800 --> 00:14:30,720 Speaker 2: years after they're recorded. So it's a major move in 297 00:14:31,040 --> 00:14:34,640 Speaker 2: the business of music as well as obviously a really 298 00:14:34,640 --> 00:14:38,160 Speaker 2: fulfilling move for her as an artist. Yeah, definitely, Billy, 299 00:14:38,200 --> 00:14:39,640 Speaker 2: thank you for that. That is a lovely thing to 300 00:14:39,640 --> 00:14:42,280 Speaker 2: listen to on a holiday Monday for those who are 301 00:14:42,280 --> 00:14:46,280 Speaker 2: on public holidays today. A really interesting story, but one 302 00:14:46,360 --> 00:14:49,160 Speaker 2: that is filled with a good news ending. 303 00:14:49,320 --> 00:14:51,320 Speaker 1: Yes, thank you for letting me yap for it. I 304 00:14:51,320 --> 00:14:53,520 Speaker 1: also want to say, I hope I haven't been too 305 00:14:53,600 --> 00:14:56,640 Speaker 1: biased in my reporting at the Daily OLS. We obviously 306 00:14:56,680 --> 00:14:59,920 Speaker 1: try to report the news without fear or favor. 307 00:15:00,080 --> 00:15:01,520 Speaker 2: And yeah, you really set that one up. 308 00:15:01,800 --> 00:15:03,840 Speaker 1: Yeah, I really. I don't know if I started it 309 00:15:03,960 --> 00:15:06,240 Speaker 1: by really being unbiased. 310 00:15:06,680 --> 00:15:09,600 Speaker 2: No, it's fantastic. I mean it's good you went. You 311 00:15:09,600 --> 00:15:11,760 Speaker 2: couldn't possibly have been biased after you went to every 312 00:15:11,800 --> 00:15:14,560 Speaker 2: single night a per Sydney tour and that is all 313 00:15:14,600 --> 00:15:16,360 Speaker 2: we've got time for on this holiday Monday. We'll be 314 00:15:16,360 --> 00:15:19,520 Speaker 2: back again tomorrow morning with another episode. Until then, have 315 00:15:19,560 --> 00:15:20,280 Speaker 2: a beautiful day. 316 00:15:20,440 --> 00:15:25,840 Speaker 1: Bye. My name is Lily Maddon and I'm a proud 317 00:15:25,960 --> 00:15:30,680 Speaker 1: Arunda Bungelung Calcoton woman from Gadighl Country. The Daily oz 318 00:15:30,760 --> 00:15:33,480 Speaker 1: acknowledges that this podcast is recorded on the lands of 319 00:15:33,520 --> 00:15:36,840 Speaker 1: the Gatighl people and pays respect to all Aboriginal and 320 00:15:36,880 --> 00:15:39,920 Speaker 1: Torres Strait Island and nations. We pay our respects to 321 00:15:40,000 --> 00:15:42,880 Speaker 1: the first peoples of these countries, both past and present.