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Taylor Swift announced on Friday, May 30, that she regained ownership of her music catalog, but rumors of her paying $1 billion for it are "highly inaccurate," a source tells PEOPLE.
The 14-time Grammy winner shared her emotional thoughts on the purchase, saying she's "elated and amazed" that her entire life's work belongs to her.
Swift's journey to regain control of her masters began six years ago when Scooter Braun purchased Big Machine Records from Scott Borchetta, giving him control over all of Swift's music made before she joined Universal Music Group in 2018.
As part of her deal with UMG, Swift received ownership of her future masters. However, Braun's purchase led Swift to re-record her albums released from 2006 to 2017 as "Taylor's Versions" to regain control of her music. Now, she owns all of her original work, including her music videos, concert films, album art, and unreleased songs.
Swift expressed gratitude for the conversations her saga had launched within the music industry between artists and fans. "Every time a new artist tells me they negotiated to own their master recordings in their record contract because of this fight, I'm reminded of how important it was for all of this to happen."
She thanked her fans for their "goodwill, teamwork, and encouragement," saying "the best things that have ever been mine... finally actually are."
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Swift's announcement has sparked conversations within the music industry, with many artists and fans showing support for her fight to regain control of her masters.
While the exact amount Swift spent on the purchase of her music catalog remains unclear, one thing is certain - she's "elated and amazed" to have finally regained control of her entire life's work.