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 Instagram, Phil Collins (71) and his band have sold a large part of their music rights to the company.
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" reports that 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 ."
Collins and Co. are thus 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.