Phil Collins and Genesis Sells Music Catalog For $300m
via DeadMike.com/ Youtube
Phil Collins and Genesis are the latest classic rock acts to announce that their songs’ rights are up for sale for over $300 million.
Collins and the band have garnered a whopping $300 million from Concord Music Group for the rights to their songs together as Genesis and as solo artists. However, the music that is credited to former Genesis singer Peter Gabriel is not part of this sale.
Back then, the publication estimated that Collins’ publishing royalties alone averaged roughly $6.2 million annually. Concord is one of the industry’s largest independent music labels that has served as publishing administrator for Collins and Genesis since year 2017.
The band has released 15 studio albums in total, including a run of multiplatinum albums beginning in 1981. Collins, on the other hand, added eight solo LPs, winning eight Grammys as well as an Oscar for “You’ll Be in My Heart” from Disney’s 1999 film Tarzan. Meanwhile, Rutherford has issued nine albums as part of Mike + the Mechanics and two solo projects. While, Banks has six solo LPs.
Collins and Genesis, who recently reunited for what they considered to be their “final tour” are both far from the first to sell their publishing rights. David Bowie’s estate sold the icon’s rights to Warner Chappell Music in a deal reportedly worth at least $250 million, while Bob Dylan and Bruce Springsteen have also sold their catalog rights for $400 million and $500 million, respectively.