Dylan began 1973 by signing with a new label, David Geffen's Asylum Records, when his contract with Columbia Records expired. His next album, Planet Waves, was recorded in the fall of 1973, using the Band as his backing group as they rehearsed for a major tour. The album included two versions of "Forever Young", which became one of his most popular songs. As one critic described it, the song projected "something hymnal and heartfelt that spoke of the father in Dylan", and Dylan himself commented: "I wrote it thinking about one of my boys and not wanting to be too sentimental". Columbia Records simultaneously released Dylan, a collection of studio outtakes, widely interpreted as a churlish response to Dylan's signing with a rival record label.
In January 1974, Dylan, backed by the Band, embarked on a North American tour of 40 concerts—his first tour for seven years. A live double album, Before the Flood, was released on Asylum Records. Soon, according to Clive Davis, Columbia Records sent word they "will spare nothing to bring Dylan back into the fold". Dylan had second thoughts about Asylum, unhappy that Geffen had sold only 600,000 copies of Planet Waves despite millions of unfulfilled ticket requests for the 1974 tour; he returned to Columbia Records, which reissued his two Asylum albums.
After the tour, Dylan and his wife became estranged. He filled three small notebooks with songs about relationships and ruptures, and recorded the album Blood on the Tracks in September 1974.
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