In a one-two combo, pop megastar Taylor Swift has attacked billionaire liberal financier George Soros and “toxic male privilege” in the music industry, claiming that Soros got his hands on her back catalog without her consent.
In a speech following her acceptance of the Billboard Woman of the Decade award on Thursday, Swift reignited her feud with investor Scooter Braun, who bought up Swift’s original record label – Big Machine Label Group – in a $300 million deal earlier this summer.
“After I was denied the chance to purchase my music outright, my entire catalog was sold to Scooter Braun’s Ithaca Holdings in a deal that I’m told was funded by the Soros family, 23 Capital and the Carlyle Group,” Swift told the Los Angeles crowd.
“This just happened to me without my approval, consultation or consent,” she said, blasting the “unregulated world of private equity coming in and buying our music as if it’s real estate, as if it’s an app or a shoe line.”
23 Capital is a financing firm backed by Soros Fund Management. Soros also invested $100 million in the Carlyle Group in 1993.
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Soros has funded a range of feminist and gender-related causes around the world, but the acquisition of her back catalog without consulting her, Swift said, is “the definition of toxic male privilege in our industry.”
Soros’ involvement in the multimillion-dollar deal is unclear. It is also unclear why Swift would go after a man held in such high regard by her liberal peers. Soros funds Democratic politicians, judges, and district attorneys in the US, and bankrolls pro-immigration and open-borders causes in his native Europe. Swift, after being hounded by critics for remaining apolitical, emerged as a full-fledged liberal last year.
Since endorsing two Democratic candidates in the 2018 midterms, Swift has attacked President Donald Trump for his supposed autocratic impulses, and vowed to “do everything I can” to stop him being re-elected next year.
Soros shares Swift’s goals. However, their shared political beliefs evidently mattered less once Swift realized that Soros apparently loves cold, hard cash more than he loves his ideological bedfellows.
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Well at least she is smarter now.
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Is there a case where giving up ownership of masters could be a good thing? In the short term, yes.
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For artists who aren’t on Swift’s level and are just starting out, the advance that’s often earned in exchange for signing over the masters may be too important to pass up.
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Music can take a long time to profit from, so it may be impossible to turn down an advance to try to negotiate a better long-term deal. When it comes down to it, though, it’s better for artists to retain control of their masters — that way, they can control and own their own work.