Hetherwick left in November 2006, to be replaced by Alex Miller, a former BMG Employee.

The label owns rights to famous recordings originally issued by the Victor Talking Machine Company/RCA Victor dating from the early to mid 20th century, by artists such as Enrico Caruso, Arturo Toscanini, Sergei Rachmaninoff, Leopold Stokowski, Mario Lanza, Fritz Reiner, Artur Rubinstein, Fritz Kreisler, Jascha Heifetz, Vladimir Horowitz, Eugene Ormandy and Van Cliburn as well as from more recent performers such as Yo-Yo Ma, and Joshua Bell.

It is also responsible for Sony BMG's immense archives of film scores (including Star Wars, The Phantom of the Opera, Memoirs of a Geisha among others).

In July 2019, Masterworks acquired the soundtrack label Milan Records.

In November 2022, it was announced Sony Music Masterworks had acquired a majority stake in the Dubai-based concert promotion, talent management, events and production company MAC Global.