English musician Phil Collins and his Genesis bandmates have agreed to sell the music rights for their solo and group work.
Collins and bandmates Mike Rutherford and Tony Banks have struck a deal with Concord Music Group Inc. for over $300 million for a bundle of their music, making them the latest in a row of musicians selling off their back catalogue.
During the pandemic, Bob Dylan sold the rights to his songs for nearly $400 million, and was soon followed by Bruce Springsteen, who’s songs went for a whopping $500 million.
Phil Collins started out as the Genesis drummer in 1970, and soon took on the role as lead singer and songwriter after the departure of Peter Garbiel, whose songs are not included in the sales deal.
As the new Genesis songwriter, Mr. Collins wrote songs like Invisible Touch and I Can’t Dance before achieving even greater fame as a solo artist with hits like In the Air Tonight and Sussudio.
Collins, 71, has won several awards including eight Grammy Awards and an Oscar for best original song for the 1999 Disney film Tarzan.
Bob Valentine, president of Concord Music Group Inc. has said that they will now work on introducing the band’s pop material from the 1980’s to younger audiences.
"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," he said.
Genesis has released fifteen albums, and Mr. Collins has released eight as a solo artist.
Rutherford has released two solo albums and nine albums with his band Mike + the Mechanics, and Banks has released six solo albums in total.