Taylor Swift’s Rerecording of ‘Red’ Is Reshaping the Music Industry

TAYLOR'S VERSION The artist’s new recordings, including her 2012 hit album, underscores why the world’s largest music company has revamped record deals to block artists from rerecording their music. By Anne Steele Nov. 12, 2021 Tap story

Taylor Swift’s rerecorded songs are outperforming their original counterparts on streaming services, going viral on TikTok and landing lucrative licensing deals—all of which is wresting control and earnings from the owners of her early recorded music catalog. Beth Garrabrant, Cover: Christie Goodwin { "selector": ".wsj--ani-media-zoom", "duration": "3s", "easing": "ease-out", "keyframes": [ {"transform": "scale(1.03)"}, {"transform": "scale(1)"} ] } { "selector": ".wsj--ani-text-fade", "duration": "2s", "easing": "ease-out", "keyframes": [ {"opacity": "0"}, { "opacity": "1"} ] }

On Nov. 12, she released the latest batch of rerecordings, a new version of her 2012 hit album "Red." Christie Goodwin { "selector": ".wsj--ani-text-slide .wsj--animation-wrapper", "duration": "1s", "easing": "ease-out", "keyframes": [ {"transform": "translateY(10px)","opacity":"0"}, {"transform": "translateY(0)","opacity":"1"} ] }

Recording nearly identical covers of her early albums is the latest step in Ms. Swift’s long legal tussle to control her back catalog and musical legacy. { "selector": ".wsj--ani-text-slide .wsj--animation-wrapper", "duration": "1s", "easing": "ease-out", "keyframes": [ {"transform": "translateY(10px)","opacity":"0"}, {"transform": "translateY(0)","opacity":"1"} ] } Hear the difference

In its recent agreements, Universal has been effectively doubling the amount of time that the contracts restrict an artist from rerecording their work, according to attorneys and executives. Chris Pizzello/AP { "selector": ".wsj--ani-media-zoom", "duration": "3s", "easing": "ease-out", "keyframes": [ {"transform": "scale(1.03)"}, {"transform": "scale(1)"} ] } { "selector": ".wsj--ani-text-fade", "duration": "2s", "easing": "ease-out", "keyframes": [ {"opacity": "0"}, { "opacity": "1"} ] }

Both Ms. Swift’s ambitious project and Universal’s contract changes with its artists illustrate the shifting power dynamics in the music business, which has been upended by streaming. { "selector": ".wsj--ani-media-zoom", "duration": "3s", "easing": "ease-out", "keyframes": [ {"transform": "scale(1.03)"}, {"transform": "scale(1)"} ] } { "selector": ".wsj--ani-text-fade", "duration": "2s", "easing": "ease-out", "keyframes": [ {"opacity": "0"}, { "opacity": "1"} ] }

“What Taylor did is a game changer, not just for her fans, but for other artists. She is inspiring artists to rerecord their songs and control their music.” —Susan Genco, board member of artists’ rights group Music Artists Coalition and co-president of the Azoff Company JMEnternational for BRIT Awards/Getty Images { "selector": ".wsj--ani-text-slide .wsj--animation-wrapper", "duration": "1s", "easing": "ease-out", "keyframes": [ {"transform": "translateY(10px)","opacity":"0"}, {"transform": "translateY(0)","opacity":"1"} ] }

In negotiations many artists are seeking ownership of their master recordings, which gives them more control over how their music is used and a greater split of the revenue it generates. Jordan Strauss/AP { "selector": ".wsj--ani-media-zoom", "duration": "3s", "easing": "ease-out", "keyframes": [ {"transform": "scale(1.03)"}, {"transform": "scale(1)"} ] } { "selector": ".wsj--ani-text-fade", "duration": "2s", "easing": "ease-out", "keyframes": [ {"opacity": "0"}, { "opacity": "1"} ] }

80% —the amount of streaming revenue a label can take in a typical record deal, with 20% going to the artist. When artists own their masters, they keep around 80% to 95% of that revenue, music lawyers say. Angela Weiss/AFP/Getty { "selector": ".wsj--ani-media-zoom", "duration": "3s", "easing": "ease-out", "keyframes": [ {"transform": "scale(1.03)"}, {"transform": "scale(1)"} ] } { "selector": ".wsj--ani-text-fade", "duration": "2s", "easing": "ease-out", "keyframes": [ {"opacity": "0"}, { "opacity": "1"} ] }

Streaming data show that enthusiasm around new releases from Ms. Swift has benefited her entire catalog, including her old recordings owned by Shamrock. Kevin Winter/WireImage/Getty { "selector": ".wsj--ani-media-zoom", "duration": "3s", "easing": "ease-out", "keyframes": [ {"transform": "scale(1.03)"}, {"transform": "scale(1)"} ] } { "selector": ".wsj--ani-text-fade", "duration": "2s", "easing": "ease-out", "keyframes": [ {"opacity": "0"}, { "opacity": "1"} ] }

When Ms. Swift spotted her hit “Wildest Dreams” trending on TikTok, she rushed to put out her rerecord. “Wildest Dreams (Taylor’s Version)” has been used in nearly 70,000 TikTok videos viewed over two billion times. The original has less than 7,000 videos. Mario Anzuoni/Reuters { "selector": ".wsj--ani-media-zoom", "duration": "3s", "easing": "ease-out", "keyframes": [ {"transform": "scale(1.03)"}, {"transform": "scale(1)"} ] } { "selector": ".wsj--ani-text-fade", "duration": "2s", "easing": "ease-out", "keyframes": [ {"opacity": "0"}, { "opacity": "1"} ] }

“Make it Taylor's Version pls” —Ms. Swift in a TikTok post featuring a clip of her rerecording Kevin Winter/Getty { "selector": ".wsj--ani-media-zoom", "duration": "3s", "easing": "ease-out", "keyframes": [ {"transform": "scale(1.03)"}, {"transform": "scale(1)"} ] } { "selector": ".wsj--ani-text-slide .wsj--animation-wrapper", "duration": "1s", "easing": "ease-out", "keyframes": [ {"transform": "translateY(10px)","opacity":"0"}, {"transform": "translateY(0)","opacity":"1"} ] } Read the full story

Produced by Julia Munslow Read the full story