Carole King has praised Taylor Swift as an inspiration

Carole shared the announcement on her Instagram Story and over a photo of Taylor raising her hands in celebration, she wrote: "You continue to inspire! [heart, heart hands and music notes emojis] (sic)"

Taylor was furious in 2019 when music manager Scooter Braun bought her former label, Big Machine Records, and her master recordings, which he then sold on to Shamrock Capital in 2020, prompting her to re-record and release 'Taylor's Versions' of 'Fearless', 'Speak Now', 'Red', and '1999'.

But on Friday, the 35-year-old pop star shared with fans the news she had reaquired the rights to her records.

She shared in an emotional post on her website Taylorswift.com: "I'm trying to gather my thoughts into something coherent, but right now my mind is just a slideshow. A flashback sequence of all the times I daydreamed about, wished for, and pined away for a chance to get to tell you this news. All the times I was thiiiiiiiiiiiiis close , reaching out for it, only for it to fall through. I almost stopped thinking it could ever happen, after 20 years of having the carrot dangled then yanked away. But that's all in the past now.

"I've been bursting into tears of joy at random intervals ever since I found out that this is really happening. I really get to say these words: All of the music I've ever made... now belongs... to me. And all my music videos. All the concert films. The album art and photography. The unreleased songs. The memories. The magic. The madness. Every single era. My entire life's work."

Taylor went on to add that buying back the rights was her "greatest dream come true" and she praised those at investment firm Shamrock Capital for offering her the opportunity.

The 'Bad Blood' singer has been a fan of Carole for many years, and in 2021, she introduced the 'Where You Lead' musician for her induction into the Rock and Roll Hall of Fame.

She said: "I cannot remember a time when I didn't know Carole King's music.

"I was raised by two of her biggest fans, who taught me the basic truths of life as they saw it: That you should treat people the way you want to be treated, that you must believe you can achieve whatever you want to in life and that Carole King is the greatest songwriter of all time...

"Carole taught artists like me that telling your own story is worth the work and struggle it takes to earn the opportunity for your story to be heard."