genesis
Phil Collins and colleagues sell music rights
Tony Banks, Phil Collins and Mike Rutherford made a deal
© Patrick Balls_Martin Griffith
The deal is in place: Phil Collins and his bandmates have sold a large portion of their music rights – reportedly for $300 million.
The rights to the musical legacy of Genesis and the individual band members are now almost entirely in the hands of the music label Concord.
As the label announced on InstagramPhil Collins (71) and his band have sold a large part of their music rights to the company.
More than 300 million dollars
These are the catalogs of the band Genesis, the musicians Phil Collins, Tony Banks (72), Mike Rutherford (71) and the band of bassist Mike + The Mechanics. The Wall Street Journal reportsthat the Genesis recordings with Peter Gabriel (72), who was part of the band until 1975, are not included. The business magazine estimates the sale to be worth over $300 million.
Announcing the deal on Instagram, the label said: “We strive to be a home for artists and songwriters who wish to remain focused on their extraordinary legacy, and look forward to bringing their music to future generations for years to come .”
Big trend in the music business
Collins and Co. are following a trend that many musicians, whose profits have fallen due to streaming platforms and canceled concerts, have been using for themselves since the pandemic. In recent years, musicians such as Bruce Springsteen (73), Bob Dylan (81), Stevie Nicks (74), Shakira (45), the Red Hot Chili Peppers and Neil Young (76) have sold the rights to their music.