Cover bands are no longer mere pub entertainers. Groups such as Eagle Eyes and Dread Zeppelin have developed wide followings. Even megastars such as Taylor Swift are doing covers — of their own material. In early April the US singer and songwriter released Fearless (Taylor’s Version), a re-recording of an album she first put out 13 years ago. Swift did so less to please her legion of fans than to recover lost revenue streams.

Her move counters recent trends. Older artists including Bob Dylan and Stevie Nicks have cashed in their recording rights, reputedly for big sums worth 15 years or more of royalty revenues. That reflects advancing age and limited concert opportunities during the pandemic. Moreover, capital gains tax in the US and elsewhere could rise in tandem with income tax.

Swift, of course, is no senior citizen. She intends to flood the streaming market with accurate duplicates of her own songs, for which she has publishing, but not recording, rights. Those were snapped up back in 2019 when investors led by Scooter Braun bought Big Machine. The Nashville music label owned the recording rights to Swift’s first six albums. Braun’s group turned a profit by selling them to Shamrock Capital for $300m.