Taylor Swift signs new deal with Republic Records, Universal Music Group

Nov. 19 (UPI) -- Taylor Swift has inked a new record deal with Republic Records and Universal Music Group, the singer announced on Instagram Monday.

Swift joined Republic and UMG after her deal with Big Machine Records expired.

The pop star explained on Instagram how the new deal will allow her to own all of her master recordings moving forward and that artists will be better compensated for their presence on music streaming service Spotify.

"As part of my new contract with Universal Music Group, I asked that any sale of their Spotify shares result in a distribution of money to their artists, non-recoupable," she said as part of a lengthy statement alongside a photo of herself with record executives Sir Lucien Grainge and Monte Lipman.

"They have generously agreed to this, at what they believe will be much better terms than paid out previously by other major labels. I see this as a sign that we are headed towards positive changes for creators - a goal I'm never going to stop trying to help achieve, in whatever ways I can," she continued.

Swift also thanked her fans and teased her next project.

"The best thing I've been lucky enough to receive is the dedication, trust, and loyalty of the fans who have cared about the words and melodies I've written. My biggest goal moving forward is to make you proud. I'm so excited. I can't wait to show you what I'm making next," she said.

Swift made headlines in October when she broke the record for most American Music Award wins by a female artist with a lifetime total of 22 wins.