Big Machine founder Scott Borchetta is leaving Big Machine so he can set up a new company called Big Machine. And there’s nothing confusing about that at all. The old Big Machine, part of K-pop powerhouse HYBE’s US division since 2021, will relaunch under a new yet to be announced name. Massive Engine maybe? Or perhaps Gigantic Thrust?
In a statement, the boss of HYBE America, Isaac Lee, explains that Borchetta “recently approached us to ask for our support as he works to pursue a new, independent and entrepreneurial stage of his career, working to advance the Big Machine brand separately from HYBE”. And, Lee adds, “while we are sad to see Scott go, we understand and want him to pursue his passions”.
For his part, Borchetta seems grateful that he can take the Big Machine brand with him as he skips his way out of the HYBE building, having negotiated a deal that basically sees him buy back the name.
In his own statement on that, Borchetta says that overall HYBE supremo Chairman Bang “often talks of his fondness for entrepreneurs”. By allowing him to buy back the label’s name, Bang, Lee and the entire HYBE leadership team “have extended that belief with this incredible showing of support by allowing me to continue to build upon my vision of the Big Machine Records brand”.
And if that startling piece of corporate suck-uppery doesn’t leave you feeling warm and fuzzy, what’s wrong with you? You need to find yourself a fondness for entrepreneurs and some belief in big (machine) visions, I reckon.
Borchetta founded Big Machine in 2005 and quickly got about signing Taylor Swift, a deal that obviously paid off big time with the label releasing and owning her first six albums.
Big Machine was then acquired by Scooter Braun’s Ithaca Holdings in 2019, prompting that very public falling out with Swift, who - by that point - was no longer actively working with the label on new releases, but who was very angry indeed that Braun was now in control of her early records.
It was that anger that prompted Swift to start working on recording and releasing new versions of her old albums. Braun, meanwhile, sold off the Swift recordings to the finance bros at private equity outfit Shamrock Capital in 2020. It then ultimately sold those six albums back to Swift herself last year.
Meanwhile, in 2021 Braun sold Ithaca Holdings - including the Big Machine label and catalogue - to HYBE as it went about growing its US business. Which is how Borchetta ended up running a label group within the HYBE empire.
While he will take the Big Machine name with him, HYBE will retain the assets of the existing label and its sister publishing company, and will continue to work with various artists that are currently on the Big Machine roster. Just as soon as it comes up with a new name. Colossal Contraption?