Phil Collins and fellow bandmates Genesis have sold the rights to their music in a deal worth $300m (£269m).
Concord Music, which bought the rights, said the sale included Collins’ hit solo albums No Jacket Required and … But Seriously!
Although it did not provide a figure, The Wall Street Journal cited $300 million.
This would make it one of the biggest deals of its kind, putting Collins and Genesis behind Bob Dylan and Bruce Springsteen.
These two rock legends sold their catalogs in recent deals worth between $400 million and $500 million. Neil Young also earned $150 million selling a 50% share of his music in 2021. Stars selling their catalogs have 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 also relinquishing control of their songs in exchange for hefty lump sums.
For them, the deals provide instant financial security, while ensuring their music doesn’t end up in complicated lawsuits after their death.
In return, investors, from record labels to hedge funds, earn from all future royalties generated by sales, flows, and licensing deals.
Originally led by Peter Gabriel, Genesis was founded in 1969 and became the star of the progressive rock scene.
The band survived Gabriel’s departure in 1975, with drummer Collins taking on lead vocals and eventually leading the band in a more pop-rock direction alongside Tony Banks and Mike Rutherford. Concord’s deal does not 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.
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Collins’ solo catalog had previously been acquired for around $200 million, according to Billboard magazine.
This eventually blossomed into a larger deal that included music from 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 deal’s most appealing element.
His top track on Spotify, 1981’s In The Air Tonight, garnered over 500 million plays, while Genesis’ most streamed song, Invisible Touch, garnered around 170 million plays. Concord President Bob Valentine said the company would introduce the songs to a new generation of fans.
“In the world, we live in today with Facebook, Instagram, TikTok, all these things that drive the consumption of older music, there are definitely ways for us as a record company to bring some of this music back to life,” he said
