Pop star, Taylor Swift’s decision to re-record her back catalog has inspired major record labels to consider making adjustments to their contracts. The success of Swift’s re-recordings has had a considerable impact, leading to the devaluation of the original recordings held by these labels.
Swift’s re-recordings, termed “Taylor’s Version,” were aimed at regaining control over her earlier works after the original masters were sold as part of her previous record deal. By re-recording these songs, Swift sought to have ownership and control over her music, and these new versions have seen substantial success, outperforming the original recordings.
The immense success of Swift’s strategy has alerted major record labels like Universal Music Group, Sony Music Entertainment, and Warner Music Group. They are concerned that similar re-recordings by their artists could devalue the original recordings that the labels possess.
As a result, these labels are contemplating changes in their contracts to prevent situations like Swift’s from recurring. Specifically, they are considering clauses that extend the waiting periods before artists can re-record their music after leaving the label. The proposed waiting periods in these new clauses could be significantly longer than what was previously standard in contracts. The standard waiting periods, which previously ranged from five to seven years after the original release or two years following the contract expiration, have been significantly prolonged to intervals of 10, 15, or even 30 years. Despite these extended waiting periods being proposed, certain artists and their legal representatives are resisting these heightened restrictions.
The record labels’ intention with these contract changes is to protect the value of the original recordings and deter artists from re-recording their music after leaving the label, as Swift has done. These potential alterations in the contracts reflect the labels’ response to safeguard their investments and prevent the devaluation of their music catalogs.
