Taylor Swift vs The World | Revenge of the Swifties | 3

0:06A note to listeners, this episode contains references to online harassment and violence.

0:15June 29th, 2019. Taylor Swift is watching television at home in her New York City apartment. She's been busy promoting her upcoming album, Lover, which is due out in two months. She's just beginning to wind down for the evening when... It's a text from Scott Borchetta. Hope all is well and congratulations on the success of your first two singles from Lover. Swift smiles. Her most recent two singles debuted at number two. They're her first release at her new record label, Universal Music Group. It was a bitter break when she left Borchetta and his company, Big Machine. So it's nice of him to reach out.

0:55Swift keeps reading. Tomorrow morning at 10 a.m. Central, the Wall Street Journal will announce that I am entering into a merger acquisition with Scooter Braun and Ithaca Holdings. Her stomach drops. Scooter Braun is the super manager best known for shaping the careers of Justin Bieber and Kanye West, two artists that she feels ganged up on her after West claimed he made Swift famous in a controversial song lyric. If Braun now owns Big Machine, that means he also owns her master recordings that she spent years trying to buy back. Now, every time hit songs like Love Story and Shake It Off play on the radio or a stream, Braun would profit from her work.

1:38All because she signed away the rights to those master recordings when she was all of 15. But Swift's not going to let this pass without a fight. Swift opens up her laptop and starts typing. For years I asked, pleaded for a chance to own my work. Some fun facts about today's news. I learned about Scooter Braun's purchase of my masters as it was announced to the world. All I could think about was the incessant, manipulative bullying I've received at his hands for years. Swift is getting fired up as she writes, This is my worst case scenario. When I left my masters in Scott's hands, I made peace with the fact that eventually he would sell them.

2:22Never in my worst nightmares did I imagine the buyer would be Scooter. Anytime Scott Borchetta has heard the word Scooter Braun escape my lips, It was either while I was crying or trying not to. He knew what he was doing. They both did. Controlling a woman who didn't want to be associated with them. In perpetuity. That means forever. Swift is a long way from that trusting 15-year-old girl eager to sign on to a label. Right now, as she types on her laptop, she knows exactly what she's doing. She's crafting a bomb. and tomorrow when she hits send on her Tumblr post. The internet and social media will blow up as both fans and critics join the battle.

3:15When planning for your future, you want someone with a history of keeping their word year after year. For nearly 160 years, Pacific Life has been a trusted name in the industry. But that isn't just a number. It's experience that matters. It's 160 years of promises held, helping generations retire with confidence, protect their loved ones, and plan for whatever comes next. Whether you're looking for life insurance, employee benefits, or retirement income solutions, when your future's on the line, you want history on your side. And believe me, Pacific Life has been there, always there through changing times, always focused on your needs.

3:54Ready to secure your tomorrow? Ask a financial professional how Pacific Life can help you feel prepared for what's next. Pacific Life Insurance Company, Omaha, Nebraska, and in New York, Pacific Life & Annuity, Phoenix, Arizona. Because with Pacific Life, you're not just planning for the future, you're partnering with trusted experience. Closing the books, getting your people paid, and bringing on new hires. Running a small or mid-sized business can be exciting and also a little chaotic. Workday Go makes simplifying your business, well, simple. Imagine all the important aspects of your company, HR, finance, and payroll, all on the AI platform.

4:36No more juggling multiple systems, no more worrying about growing too fast. Just the full power of Workday Go, helping small to mid-sized businesses like yours scale and run more smoothly. Think about what that means. Seamless onboarding for new team members, real-time insights at your fingertips, and payroll that works perfectly every single time so you can focus on the big picture and go after your big ambitions. And with Workday, you can activate quickly in as little as 30 to 60 business days. So simplify your business. Go for growth. Go with Workday Go. From Wondery, I'm David Brown, and this is Business Wars.

5:45In the last episode, as Taylor Swift grew increasingly self-confident, so did her discontent with her label, Big Machine. So she jumped ship for Universal. That was a gut punch for Borchetta. Scooter Braun saw an opening and approached Borchetta with a deal to buy Big Machine. And with that purchase came Swift's masters from her early albums. In this episode, Swift fights back by deploying her own very dangerous weapon, the Swifties. And Braun pulls out all the stops to protect the$300 million asset he just bought from Borchetta. This is Episode 3, Revenge of the Swifties.

6:35June 2019, Chicago, Illinois. A group of friends are at a bar watching a baseball game. The news interrupts the coverage. Taylor Swift is blasting manager to the star, Scooter Braun. Braun, who manages Justin Bieber, just acquired the rights to her entire catalog up through 2017's reputation. In a post of Tumblr, she called the sale, my worst case scenario. Swift says she's been bullied by Braun for years and cites it. One guy in the group slams down his beer and shakes his head. Oh, come on. Taylor Swift's been bullied? She's always playing the victim. His girlfriend intervenes. Hey, Jack, that's not fair.

7:15I think she's genuinely upset that this guy bought her songs. It's like he owns her. Their friend interrupts. Look, she made a mistake and got into business with someone without doing her homework, but how long does she have to pay for that? For Christ's sake, Jack, she was just a teenager. You would have done the same damn thing. I don't know. I just have a hard time feeling sorry for Taylor Swift, of all people. Like, go cry me a river on your private jet. The girlfriend takes a sip of her beer. Either way, I hope she does re-record her old stuff. Wait, wait, what? Oh, you didn't see that? Kelly Clarkson tweeted that Taylor Swift should re-record her old songs.

7:54Kelly Clarkson, a former American Idol winner turned daytime TV host, posted on Twitter that Swift should re-record all the songs she doesn't own the masters to, just to prove a point. That's so weird. Well, I'd stream them. Kelly Clarkson's suggestion is not really that unheard of. In 2018, pop singer JoJo re-recorded her early albums because of a fight over the masters with her former label. Def Leppard released what it called forgeries of its hit songs while fighting with its label. And in the 60s, the Everly Brothers re-recorded versions of their recent hits when they signed to a new label.

8:35And that is something labels don't want repeated. To deter artists from doing this, now contracts usually have clauses barring artists from releasing re-recorded work from its initial release for three to five years or more. Swift's exclusivity clause isn't up for more than a year. Scooter Braun doesn't know yet whether she will re-record or how he'd respond if she does. But he figures he has some time. But so does Swift. And she's not wasting any of it. August 2019. Scooter Braun's office in Beverly Hills. Braun sits behind his desk in panic mode. He's got his elbows on his knees and he's running his hands through his cropped hair.

9:24Swift has just announced on Good Morning America that she was going to re-record her old songs. And that poses a serious problem for Braun. Hello? It's one of Braun's investors, a guy who put in big money to help Braun buy Swift's masters. Scooter, what's this I'm hearing about Taylor Swift planning to re-record her old songs? Oh, don't worry. That's nothing. It's just talk. It better be just talk. We paid$300 million for those masters. Braun shifts uneasily in his seat. The truth is that if Swift does re-record her old albums, it poses a big problem, and this investor knows it. He plows ahead.

10:06Look, she's already proven that she has an incredibly loyal fan base that's the size of a small country. If she re-records those songs, it greatly diminishes the value of our investment. Listen, it just doesn't make any sense for an artist as big as Taylor to re-record her old material. She'd just be wasting time. Trust me, she'll be focused on making new stuff. Look, I'm expecting these recordings to make us$15 million a year. If they don't, I'm going to be severely annoyed, and my attorney will be making that extremely clear to you. Got it? Braun leans back in his chair and tries to stay calm as he calculates how things might play out.

10:50Swift might not follow through on her threat, but that's unlikely given that she's told the whole world that she wants to re-record her masters. Her contract's exclusivity clause is up in November of 2020. That means he has a little over a year to milk this investment for all it's worth. Maybe even find another buyer. But for now, the future value of Braun's purchase is under threat. So he decides to fight back the only way he thinks he can, by choking the songbird. What Swift doesn't know is that Braun still controls her right to even perform her songs.

11:37November 2019, Montecito, California. Braun is at home in his airy six-bedroom mansion, relaxing on his white couch while sending emails. A black baby grand piano sits in the corner of the room.

11:54A flood of messages are lighting up his phone. Tons and tons of people are tweeting at him. And it's pure venom. You are the epitome of what it means to be a tyrannical, greed-seeking misogynist in 2019. You are selfish, cruel, evil. What the? What's happening? He scrolls down. I'm shattered. How can this be happening in 2019?

12:28And then he notices something. A lot of the tweets are linking back to a Taylor Swift message that she just posted. He clicks on her tweet. It accuses Borchetta, Braun, and Big Machine of blocking her from performing a medley of her older songs at the upcoming American Music Awards, or to use them in a Netflix documentary about her. Swift tells her fans Borchetta and Braun would only allow her to perform her songs if she agreed not to re-record copycat versions of her songs next year, or to even speak negatively about them. And her infuriated fans are circling Braun. Braun can't believe that Swift has weaponized her millions of fans.

13:13He's outraged and feels her actions are unprofessional and reckless. The fans are barraging Braun and Borchetta with tweets, demanding that they give Taylor back her masters. It's Borchetta. Scooter, we've got a situation here. No kidding. My phone's on fire. Yeah, mine too, but it's not just the tweets. Our offices have been getting tons of threatening phone calls and emails. Braun leans forward in his chair. Oh no, you mean like death threats? Yeah. My employees are scared for their lives. I'm about to shut down the office for everyone's safety. I'm really worried someone's going to bomb the place.

13:54Oh, man. Well, do whatever you got to do to keep everyone safe. We have to get in front of this. Let's have the publicists start working on a statement. We need to fight back through the media. I can't have Taylor ruining my public reputation. All right, let's do it. Talk later, brother. Borchetta hangs up. Braun sits quietly for a moment, stunned. And then he reads a new Instagram DM. Hi, why don't you just die with your children? I'll buy a gun tomorrow and shoot you all in the head. Holy s***, this is serious. Braun is terrified. These Swift fans are threatening his life, all because of something she tweeted.

14:39He has to do something to make all this stop. So a few days later, he posts on Instagram and begs Swift to meet with him. Borchetta and Braun release a statement, making it clear that Swift can perform her songs at the American Music Awards. Swift got what she wanted by going public with her frustration, though she probably didn't expect fans to send death threats against Borchetta and Braun and his family. Braun wants to make amends, that's clear, and that puts Swift in a tight spot. She worries that if they meet privately and strike a truce, it will appear that she's caved to a bully. She has to decide what to do, and soon.

15:23Because as long as things are unsettled, the Swifties are an unpredictable force.

15:36December can be a busy month for all of us. finishing projects, planning for next year, maybe even wrapping a few presents, while your teams take a well-deserved break. Cyber threat actors don't. Stay protected this holiday season with Manage Engine. Their cybersecurity solutions ensure that your data is secure, even while your office lights are turned off. With 18 data centers around the world and over 20 years of experience securing global enterprises, Manage Engine can keep your business running safely, no matter how busy or hectic the world gets. This holiday, gift yourself and your business peace of mind.

16:16Visit cybersecurity.manageengine.com. That's cybersecurity.manageengine.com. This message is brought to you by Apple Card. Apple Card members can earn unlimited daily cash back on everyday purchases, wherever they shop. This means you could be earning daily cash on just about anything, like a slice of pizza from your local pizza place or a latte from the corner coffee shop. Apply for Apple Card in the Wallet app to see your credit limit offer in minutes. Subject to credit approval, Apple Card issued by Goldman Sachs Bank USA, Salt Lake City branch. Terms and more at AppleCard.com.

17:12Thanksgiving 2019. Swift is in her New York apartment with close friends, hosting a Friendsgiving dinner. Supermodel Gigi Hadid passes the Brussels sprouts to fellow model Martha Hunt. Queer Eye chef Antoni Porowski sits across from them. Swift sips from her wine glass and stands up. All right, I'm going to get the pie. All right. All right, about time. Swift walks into the kitchen. She'd left her phone on the counter in an attempt to enjoy dinner. But she can't help but notice when it lights up with an email, and the sender is Scooter Braun. Swift quickly scans his email. She'd reached out after she'd heard about the death threats.

17:57Now he's saying he wants to begin negotiations for her to buy back her masters. Swift keeps reading. Before we share any financial records, I'd like you to sign an NDA saying you will not speak about me ever again unless it's positive. Swift frowns. Braun wants her to sign a document that would force her to keep quiet forever, before she bids for her own work. And he doesn't even quote her a price. To Swift, this doesn't seem like a genuine offer. Just then, her friend Gigi walks in. Hey, are you okay? Swift tries to smile. Yeah, it's just work stuff. She puts down her phone. The smell of baking apple pie wafts through the kitchen as she carefully takes it from the oven.

18:47As she goes through the motions of being a good hostess, her mind whirs as she calculates how best to respond to brawn. Finally, she lands on something radical.

19:07April 2020, Beverly Hills, Los Angeles. Like the rest of the world, Swift is locked down because of the pandemic. She can't go on tour, so she's been spending a lot of time in her home studio. She's dubbed the room the Kitty Committee Studio because of all her cats. Like lots of people stuck at home, she's been spending a lot more time alone. It's made her more introspective. maybe even sad.

19:38She's working on a new song called Cardigan. As she raps recording the refrain, she sits back and reflects on her own deliberately ambiguous words. She sings about being young and people assuming you know nothing. It could be about how adults perceive teenage love. Or it could be about her deal with Borchetta when she signed away her masters all those years ago. Either way, it's a return, even if temporary, to an earlier iteration of Swift. The pounding electronic beats of her last pop album are gone. Instead, she's using a delicate piano loop, echoing drums and a wispy synthesized sound. Swift pauses and then picks up the banjo.

20:26She starts playing something else, or rather something old.

20:35It's Love Story, her early breakout hit. But this time when she sings it, she's mastered her vibrato in a way she couldn't as a teen. Her voice is filled with the nostalgia that comes when looking back on something after a long time has passed. Much of the song and its arrangement sounds the same as the original, But it's Swift and her voice that have changed. Swift takes her hands off the strings and sits back to think. When Braun asked her to sign an NDA, she balked. What he was asking didn't seem fair. Now, she's not sure of how to move forward. But it's the middle of a global pandemic. The world seems so upside down.

21:22She's changed, and her music's changed. She's banking on her fans remaining loyal. She figures, what the hell, may as well go for it. A few months later, she releases a surprise album of new songs called Folklore, and it has the biggest ever opening day on Spotify for an album by a female artist. Swift used to rail against Spotify, but now she's huge on the platform. Cardigan gets 7.7 million streams the day it's released, the biggest first day for any song in 2020. And that makes her wonder whether fans would buy re-recordings of her old songs. No, she thinks. They've already bought those songs more than a decade ago.

22:17Summer, 2020. It's sunset in Bel Air, Los Angeles. Scooter Braun is sitting outside at the palatial home of Stephen Royer, the president of Shamrock Capital. It's an investment firm that began as the money manager for the Disney family. COVID is a threat, so the two men are sitting six feet away from each other. Braun adjusts his mask. Steve, thanks so much for meeting me in person. I just really wanted to talk this out with you one-on-one. My pleasure, Scooter. Sorry we can't host you inside the house, you know, COVID and all. Braun nods and cuts to the chase. Look, I've got an asset I believe you might be interested in.

22:57I know you've been doing a lot of investing in the media and entertainment spaces. Yes, we have a whole fund dedicated to content, and we're always interested in assets that can generate cash flow. Braun grins, his eyes crinkling above his mask. Well, how about Taylor Swift's Masters for our first six albums? Royer raises his eyebrows. Hmm. That's quite the proposition, but didn't she say she was re-recording those? Listen, there's a big difference between saying you're going to do something and actually doing it. These masters make 15 million a year. Okay, I'm listening. What's the asking price?

23:36300. 300 million dollars is close to what Braun paid when he acquired them from Big Machine last summer. But if she does re-record her songs, that presents a sizable risk to assets' profitability. Why would we take that risk? But it's not just the masters. Think of the videos and the merch. You'd probably own the rights to the artwork of her first six albums. And the videos of those first six albums. That is really consistent revenue for your firm. Royer nods thoughtfully. Hmm. Well, let me talk to my people. We'll get back to you. As Braun leaves, he's thinking about how relieved he'll be to unload Swift's masters onto Shamrock.

24:19Sure, those masters made good money for him, but now at least he won't be dogged by Swift's fans and the allegations that he was just another industry guy controlling a female artist's destiny. In effect, she forced his hand. He had to do this to protect his own reputation in the music industry. Unlike Braun, neither Royer nor his investment firm has any personal history with Swift, so they're not going to face the same backlash as Braun. Mindful of the hostility between Swift and Braun, Royer plans to make overtures to Swift to smooth things over, though he'll hit quicksand pretty fast.

25:05October 2020 in Los Angeles. Swift is at home in her studio on a video meeting with her producer Jack Antonoff, who's in upstate New York. They've been talking regularly and sending each other song snippets. She's been working on creating more new music. An email has come in. It's from a group called Shamrock Capital. Hold on, Jack. I need a sec. Swift reads the email. The investment company is informing her that they've bought her masters. Oh my gosh, someone bought my masters. What? Who? Some group called Shamrock Capital. Well, is that good news? I think so. At least this means Scooter doesn't own them anymore.

25:48Wait a sec, there's more. Swift keeps reading. Shamrock is inviting her to partner with them. Wait, they're telling me I can put up some money and become an investor in my own masters? So I wouldn't own them outright, but I'd own a small percentage in them. Hmm. That seems kind of weird. Uh, sorry, Jack. I gotta go call my lawyer. Her lawyer wants to immediately loop her in on a call with her business manager. Together, the three of them reach out to Shamrock. Swift is irked, but she puts on a good game face. Hi. I'm so pleased to be talking with you. As we are. We're very excited about the opportunity to partner with you.

26:33Swift frowns into the phone. Right. I guess I'm just a little confused as to why you waited until after your deal with Scooter closed. Why not bring me in from the beginning? The representative for Shamrock sighs. Scooter insisted that Shamrock not communicate with you in any way while we were negotiating with him. He'd only allow us to contact you once the deal had closed. Swift's cheeks redden with anger. Yet again, she's been purposefully left in the dark. Okay, let's put that aside for a moment. If I do partner with you, does this mean that Scooter is out? He doesn't get anything from my masters anymore?