Phil Collins and two Genesis bandmates sell song catalogue for a reported $300m

Genesis (left-right): Mike Rutherford, Phil Collins and Tony Banks
Phil Collins and his Genesis bandmates have sold the rights to their music, reportedly worth $300million (£269million).
Concord Music, which bought the rights, said the sale included Collins' blockbuster solo albums No Jacket Required and ...But Seriously!
The Wall Street Journal didn't give a number, but $300 million.
That would make it one of the biggest deals of its kind, putting Collins and Genesis behind only Bob Dylan and Bruce Springsteen.
ADVERTISEMENT
These two rock legends have sold their catalogs for between $400 and $500 million in recent deals. Neil Young also made $150 million by selling a 50 percent stake in his music in 2021.
Stars selling their catalogs has become a major trend in the music industry in recent years, with artists such as Blondie, Shakira, Mark Ronson, Chic, Tina Turner and The Killers giving up control of their songs for large lump sums.
For her, the deals offer immediate financial security while ensuring that her music doesn't get caught up in complicated legal battles after her death.
In turn, investors -- from record labels to hedge funds -- make money from all future royalties generated through sales, streams, and licensing deals.
ADVERTISEMENT
https://www.youtube.com/watch?v=YkADj0TPrJA
Originally led by Peter Gabriel, Genesis formed in 1969 and became one of the leading figures in the progressive rock scene.
The band survived Gabriel's departure in 1975, with drummer Collins taking over on lead vocals, eventually taking the band in a pop-rock direction alongside Tony Banks and Mike Rutherford.
Concord's deal doesn't include contributions from Gabriel and another former member, Steve Hackett, but does include Top 10 hits like Invisible Touch, Mama, That's All and Abacab.
Why the Church of England co-owns a Beyoncé hit
Avicii's family sells music rights to the Abba company
Neil Young sells song rights for $150 million
ADVERTISEMENT
Collins' solo catalog had previously been acquired for a sum in the region of $200 million, according to Billboard magazine.
That eventually morphed into a larger deal that included music by Banks and Rutherford, including Rutherford's side project Mike + The Mechanics.
Collins' string of hit singles from the 1980s and '90s -- including tracks like In Against All Odds, Sussudio and Another Day In Paradise -- might be the most appealing element of the deal.
His most popular track on Spotify, 1981's In The Air Tonight, has garnered more than 500 million plays, while Genesis' most-streamed song, Invisible Touch, has garnered around 170 million plays.
Concord President Bob Valentine said the company will introduce the songs to a new generation of fans.
"In the world we live in today, with Facebook, Instagram, TikTok, all these things driving consumption of older music, there are definitely opportunities for us as a record label to bring some of that music back to life," he said he the wall street journal.
Bob Dylan
American singer-songwriter
Mike Rutherford
English guitarist, bassist, songwriter and singer

Last News

England fans disappointed over draw with USA

Ex-Prosecutor Says 7 Words Should Disqualify Mike Pence From Holding Office Again

Ex-Prosecutor Says 7 Words Should Disqualify Mike Pence From Holding Office Again

Putin requires increased production for war although plants already working several shifts

Putin requires increased production for war although plants already working several shifts

Just like Richard Fierro in Colorado Springs, data shows that 64 unarmed civilians have apprehended the gunman in mass shootings since 2000