The first single from the "Valentine's Day" soundtrack,
In the sugary pop-country song, Swift echoes previous hits "You Belong With Me" and "Lovestory" as she describes her love interest's charming qualities. The 20-year-old Grammy nominee sings, "You were the prince/ I used to be the damsel in distress/ You took me by the hand/ And you picked me up at 6/ Today was a fairytale."
Swift, who appears in the film alongside rumored ex Taylor Lautner, is contributing another song, "Jump Then Fall," on the soundtrack, due out February 9. The disc also includes tracks by Leighton Meester and Robin Thicke, Amy Winehouse and Maroon 5. The movie itself is a who's who of Hollywood, starring Julia Roberts, Emma Roberts, Ashton Kutcher, Jessica Alba, Jessica Biel, Anne Hathaway, Patrick Dempsey, Jennifer Garner, Queen Latifah and more.
Some sources have said Swift will perform "Fairytale" when she appears at the Grammys on January 31, where she'll also be competing against Lady Gaga and Beyoncé for several awards. She's up for eight Grammys, including Record of the Year, Song of the Year and Best Female Pop Vocal Performance.
"To be recognized by the Grammys is the ultimate honor," she said about her nominations, adding that the recognition "absolutely is something that you daydream about."