Back in 2005, Swift—who was 15 at the time—signed her first record deal with Big Machine Records, a Nashville-based label co-founded by Scott Borchetta. Like most artists, Swift had to sign away the rights to her master recordings, a standard part of music industry deals.

“All of the music I’ve ever made now belongs to me.”

Swift bought back the master recordings for her first six albums from Shamrock Capital, the private equity firm that itself purchased them in 2020 from Braun's Ithaca Holdings for $300 million.