What is Scott Borchetta's Net Worth?
Scott Borchetta is an American businessman with an impressive net worth of $200 million. He is most famously recognized as the founder and CEO of Big Machine Records, which was the launchpad for Taylor Swift's musical career. Borchetta discovered Swift when she was just 15 years old performing at a Nashville cafe. Before establishing Big Machine, he had industry stints at DreamWorks Records and MCA Records. Scott is also a passionate race car driver, competing in the Trans-Am Series and owning the NASCAR Xfinity Series team, Big Machine Racing.
Taylor Swift remained with Big Machine until 2018, after which she signed a long-term deal with Universal Music's Republic Records. In June 2019, Scott Borchetta sold Big Machine Records to talent manager Scooter Braun for $300 million through Ithaca Holdings LLC. This acquisition included the rights to Taylor Swift's first six albums, as well as recordings by artists such as Sheryl Crow, Lady Antebellum, Thomas Rhett, and Florida Georgia Line. At the time of the sale, Big Machine was generating an astonishing $100 million per year in revenue and profits around $40 million.
Early Life
Born on July 3, 1962, in Burbank, California, Scott Borchetta grew up around music. His father, Mike Borchetta, worked as a promoter for several Los Angeles-based record labels, including RCA Records, Capitol Records, and Mercury Records. At 16, Scott moved to Nashville with his father, who started his own independent record promotion company.
Career Beginnings
In Nashville, Scott played bass in a country band and started working in the mailroom at his father's promotion company. By 1985, he secured a job at MTM Records, where he worked for three years. He then became an independent promoter before landing positions in promotion and artist development at MCA Records and DreamWorks Records.
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Big Machine Records
In 2005, Scott Borchetta took a bold step by leaving DreamWorks Records to establish Big Machine Records, named after the song "Big Machine" by Velvet Revolver. The first signings were Jack Ingram and Danielle Peck. Borchetta met Taylor Swift in 2004 at Nashville's Bluebird Café and signed her when she was 14. Swift’s debut single, "Tim McGraw," came out in 2006, followed by her self-titled debut album. Taylor's subsequent success brought multiple Grammy Awards and massive popularity to the label. In 2021, Big Machine was sold to Hybe Corporation, but Borchetta remained as CEO.
Big Machine Records also developed several subsidiary imprints. The Valory Music Co. launched in 2007, featuring artists like Jimmy Wayne, Jewel, Thomas Rhett, Justin Moore, and Reba McEntire. Big Machine partnered with Universal Republic Records in 2009 to form Republic Nashville, now BMLG Records, home to artists like Lady A and Brett Young. They revived Dot Records in 2014, and started Nash Icon Music in partnership with Cumulus Media, which ultimately folded into Big Machine Records.
Taylor Swift Masters Dispute
After leaving Big Machine in 2018, Taylor Swift entered a contentious battle with the label over the ownership of her first six studio albums' masters. When Scooter Braun's Ithaca Holdings acquired Big Machine for $300 million, he gained control of the masters, sparking controversy and debates about artists' rights and intellectual property. In response, Swift decided to re-record her first six studio albums in a bid to regain ownership.
Racing Career
Scott Borchetta's passion for racing started early in Southern California with motocross and quarter midget racing. After making a name in the music industry, he returned to racing, participating in the NASCAR SuperTruck Weekly Series and winning three consecutive championships from 2003 to 2005. In 2014, he joined the Sportscar Vintage Racing Association through a friendship with NASCAR crew chief Ray Evernham and won the SVRA Group 6 national championship in 2020. That same year, he made his debut in the Trans-Am Series TA2 class.
In 2021, Scott expanded his racing ambitions by launching Big Machine Racing. Competing in the NASCAR Xfinity Series, the team had Jade Buford as its main driver, with noted talents like Marco Andretti, Austin Dillon, Tyler Reddick, and Nick Sanchez also taking the wheel.
Television Career
Scott Borchetta brought his industry expertise to TV as an in-house mentor during the 14th and 15th seasons of "American Idol." In 2017, he partnered with Bell Media to create "The Launch," a music competition series that premiered in 2018 and ran for two seasons, showcasing emerging musical talents.
