Big Machine says it was shocked to see Taylor's comments Thursday, and denies ever saying she could not perform at the awards show or blocking her Netflix special. It adds ... "In fact, we do not have the right to keep her from performing live anywhere."

To be fair, Swift never said BM was keeping her from performing ... she specifically stated it was keeping her from performing her own songs, and using her own songs and performance footage in the Netflix documentary.

Big Machine also claims Taylor's admitted to owing the company millions of dollars and it says it was optimistic the 2 sides were working toward resolving the issue ... but then she bailed.

Instead, BM says "Taylor made a unilateral decision last night to enlist her fanbase in a calculated manner that greatly affects the safety of our employees and their families.

The label adds ... "Taylor, the narrative you have created does not exist."

Taylor's spokeswoman says "Big Machine is trying to deflect and make this about money by saying she owes them, but an independent, professional auditor has determined that Big Machine owes Taylor $7.9 million of unpaid royalties over several years."

Despite Big Machine's denial, Swift's friend, Selena Gomez, has her back 100 percent. Selena says she's "sick and extremely angry" over the situation, and accuses the label of "greed, manipulation and power."

Gomez says of BM ... "You've robbed and crushed one of our best song writers of our time an opportunity to celebrate all of her music with fans and the world." She goes on to praise Swift's character, talent and strength ... and says she knows Taylor will not stop fighting.

Halsey echoes many of the same thoughts, accusing BM of making an awful business move and being mean and vindictive. She says the label is banking on people not sticking up for Taylor ... but says it's "barking up the wrong tree."