British singer Phil Collins (71) and his Genesis colleagues, guitarist Mike Rutherford (71) and keyboardist Tony Banks (72), are selling part of their music rights to the US company Concord.
They would welcome the catalogs of the musicians Collins, Rutherford, Banks, Mike and The Mechanics and Genesis at Concord, wrote the Nashville, Tennessee-based music label on Instagram and linked a report by the US newspaper "Wall Street Journal".
The deal includes works from the three artists' solo careers, their Genesis music together, and Rutherford-founded band Mike and the Mechanics. Not included are Genesis recordings with former frontman Peter Gabriel, who left the rock band in 1975, the Wall Street Journal reported. The newspaper estimated the value of the agreement at 300 million dollars (around 305 million euros).
Genesis formed in 1967 as a progressive rock band. They became famous in the 1970s with concept albums such as "Selling England By The Pound" or "The Lamb Lies Down On Broadway". After the departure of singer Gabriel and guitarist Steve Hackett, the band successfully oriented towards pop music in the 80s. Her best known hits include "Invisible Touch", "No Son Of Mine" and "I Can't Dance".
More and more musicians are giving up all or part of their song rights - such as Paul Simon, Neil Young, Bruce Springsteen or Bob Dylan. The reasons are, among other things, declining record sales and the collapse of concert revenues during the pandemic. On the other hand, revenues from the streaming and series boom are becoming more valuable for the industry.