Following a now-common practice among top musicians, Phil Collins is selling his music rights—for a big fee.
Key Details
- Phil Collins, along with his Genesis bandmates Tony Banks and Mike Rutherford, have agreed to sell a bundle of music rights to the label—Concord Music Group.
- The big deal is valued at more than $300 million and features music rights for the group along with their individual projects.
- Collins and his band counterparts joined a big group of other musicians who have cashed in on their work in music.
Why it’s news
The deal is valued at over $300 million and includes the publishing copyrights and a mix of recorded music income streams and masters of MCollins, Mike Rutherford, and Tony Banks‘ individual careers and their work together as the rock group Genesis.
The deal leaves out former frontman of the band—Peter Gabriel.
The music released from the members has been extensive. Genesis released 15 studio albums together while Collins released eight as a solo artist, Banks had six and Rutherford released two solo albums and nine as part of Mike + the Mechanics, according to Wall Street Journal writer Anne Steele.
Collins had an extensive solo career starting with his debut solo single “In the Air Tonight” in 1981 and continuing with hits including “Against All Odds (Take a Look at Me Now),” “One More Night,” and “Another Day in Paradise.”
He has also won eight Grammy Awards and an Oscar for best original song “You’ll Be in My Heart” from the hit 1999 Disney animated film Tarzan.
Concord Music has been managing the publishing of Collins and Genesis since it bought Imagem Music Group in 2017, and conversations with management about a possible buy-out were born out of that relationship, said Concord President Bob Valentine.
The company purchased the catalog in hopes to bring the music to a younger audience.
“In the world we live in today with Facebook, Instagram, TikTok, all these things that drive consumption of older music, there are definitely ways for us as a record company to bring some of this music back to life,” Valentine says.