MMF Statement on Taylor Swift Signing Global Deal with Universal Music
MMF release a statement following the news that Taylor Swift has signed with Universal Music in a deal, which stipulates that any revenue generated from selling Spotify shares will be paid to its artists and will not be offset against unrecouped debt.
“Monday’s announcement by Taylor Swift and Universal Music Group looks to be hugely significant for the artist community, and yet more evidence of the ongoing trend towards creators becoming more empowered in their business partnerships. The MMF also warmly welcomes Taylor’s push that UMG-signed artists should be fully and fairly compensated when Spotify shares are sold. Such unattributable equity agreements were agreed solely on the basis of marketshare – so it is only right that all artists benefit from the proceeds.”
Read more about the deal here