Genesis (left-right): Mike Rutherford, Phil Collins and Tony Banks [Source: BBC]
Phil Collins and his Genesis bandmates have sold the rights to their music in a deal reportedly worth $300m (£269m).
Concord Music, which has bought the rights, said the sale included Collins’ blockbuster solo albums No Jacket Required and …But Seriously!
While it did not provide a figure, the Wall Street Journal quoted $300m.
That would make it one of the biggest deals of its kind, putting Collins and Genesis behind only Bob Dylan and Bruce Springsteen.
Those two rock legends have sold their catalogues in recent deals worth between $400m and $500m. Neil Young also earned $150m by selling a 50% share in his music in 2021.
Stars selling their catalogues has become a major music industry trend in recent years, with artists including Blondie, Shakira, Mark Ronson, Chic, Tina Turner and The Killers also handing over control of their songs in exchange for large lump sums.
For them, the deals provide immediate financial security, while ensuring their music does not fall into complicated litigation after they die.
In return, investors – who range from record labels to hedge funds – make money from all future royalties generated by sales, streams and licensing deals.
