Scott Borchetta Net Worth 2024

What is Scott Borchetta’s Net Worth?

Scott Borchetta is an American businessman who has a net worth of $200 million. Scott Borchetta is greatest referred to as the founder and CEO of Big Machine Records, the previous label of singer-songwriter Taylor Swift. Scott found Taylor when she was 15 years outdated and acting at a restaurant in Nashville. Prior to founding Big Machine, he labored on the Nashville divisions of DreamWorks Records and MCA Records. In his race automobile driving profession, Borchetta competes within the Trans-Am Series and owns the NASCAR Xfinity Series group Big Machine Racing.

Taylor Swift stayed with Big Machine till 2018 when she signed a long-term take care of Universal Music’s Republic data. In June 2019 Scott Borchetta reached a deal to promote Big Machine Records to expertise supervisor Scooter Braun for $300 million by means of his holding firm Ithaca Holdings LLC. The deal gave Ithaca Holdings the rights to Taylor Swift’s first six albums in addition to data by Sheryl Crow, Lady Antebellum, Thomas Rhett and Florida Georgia Line. At the time of the sale Big Machine was producing a reported $100 million per yr in income and income of roughly $40 million.

Early Life

Scott Borchetta was born on July 3, 1962 in Burbank, California to Shari and Mike. His father labored as a promoter for a number of file labels in Los Angeles, together with RCA Records, Capitol Records, and Mercury Records. When Borchetta was 16, he moved together with his father to Nashville, Tennessee, the place his father launched his personal unbiased file promotion firm.

Career Beginnings

In Nashville, Borchetta performed bass in a rustic band and labored within the mail room of his father’s file promotion firm. In 1985, he landed a job at MTM Records, the place he remained for 3 years. After that, Borchetta labored as an unbiased promoter for 2 years. He went on to land jobs in promotion and artist growth at MCA Records and DreamWorks Records.

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Big Machine Records

In 2005, Borchetta left DreamWorks Records to discovered his personal unbiased file label, Big Machine Records. He named the label after the music “Big Machine” by Velvet Revolver. The first artists signed to the label have been Jack Ingram and Danielle Peck. Borchetta then signed Taylor Swift, who was 14 on the time. He had first met Swift in 2004 when he noticed her carry out on the Bluebird Café in Nashville, and supplied to recruit her to his label as soon as it was established. In 2006, Big Machine launched Swift’s debut single, “Tim McGraw,” adopted by her self-titled debut album. Swift went on to develop into probably the most commercially profitable artist for the label, profitable Grammy Awards for Album of the Year for 2008’s “Fearless” and 2014’s “1989.” Later, in 2021, Big Machine was offered to the South Korean music and leisure agency Hybe Corporation, with Borchetta remaining the label’s CEO.

Big Machine Records has a lot of subsidiary imprints. In late 2007, it launched the imprint Valory Music Co. Artists signed to the imprint included Jimmy Wayne, Jewel, Thomas Rhett, Justin Moore, and Reba McEntire. In 2009, Big Machine partnered with Universal Republic Records to create Republic Nashville, which was rebranded as BMLG Records after Big Machine took full possession of the label. Its roster contains nation artists Lady A, Brett Young, and Riley Green. In 2014, Big Machine introduced the revival of the outdated label Dot Records, which it ran in partnership with Republic Records till Dot was shuttered in 2017. Big Machine’s different imprint was Nash Icon Music, which served as an offshoot of Cumulus Media’s Nash FM model, targeted on nation acts of the Nineteen Nineties and early 2000s. Nash Icon folded into Big Machine Records in 2018.

Taylor Swift Masters Dispute

In 2019, after having left Big Machine, Swift received into a significant dispute with the label over the possession of the masters of her first six studio albums. Scooter Braun had not too long ago bought Big Machine from Borchetta through Ithaca Holdings for $300 million, making him the proprietor of the label’s masters and music movies, together with these of Swift. This precipitated nice controversy, sparking widespread discussions round mental property, artists’ rights, and music business ethics. In response to the heated dispute, Swift determined to re-record her first six studio albums with the intention to acquire full possession over them.

Racing Career

Growing up in Southern California, Borchetta competed in motocross and quarter midget racing as a youth. Later, after working within the music business, he returned to racing and began racing legend vehicles at Nashville Fairgrounds Speedway. In 1999, Borchetta transitioned to the NASCAR TremendousTruck Weekly Series; he went on to win three consecutive championships from 2003 to 2005. He additionally raced within the Valvoline Cup Truck Series. While filming an episode of the tv collection “AmeriCarna” in 2014, Borchetta befriended NASCAR crew chief Ray Evernham, who invited him to drive a 1972 Chevrolet Corvette within the Sportscar Vintage Racing Association. Later, in 2020, Borchetta received the SVRA Group 6 nationwide championship. The similar yr, he debuted within the Trans-Am Series TA2 class at Mid-Ohio Sports Car Course.

In 2021, Borchetta and Big Machine Records launched Big Machine Racing, knowledgeable inventory automobile racing group within the NASCAR Xfinity Series. Jade Buford served as the driving force for 32 of the group’s 33 races that yr. In 2022, Borchetta fielded his automobile for a lot of different drivers, together with Marco Andretti, Austin Dillon, Tyler Reddick, and Nick Sanchez.

Television Career

On tv, Borchetta served as an in-house mentor on the 14th and fifteenth seasons of the singing competitors collection “American Idol.” In 2017, he partnered with the Canadian media firm Bell Media to develop a brand new music competitors collection known as “The Launch.” The present premiered on CTV in early 2018 and ran for 2 seasons.