Phil Collins and his former bandmates from the British rock band Genesis have sold a bundle of their music rights to an American music label for over $300 million, according to the Wall Street Journal.
Lead singer Phil Collins, along with keyboardist Tony Banks and bassist Mike Rutherford, made the deal with Concord Music Group Inc., an independent music label based in Tennessee. The band had recently wrapped their last-ever concert tour in March 2022.
The mega-deal reportedly includes publishing copyrights and music streaming income from not just the Genesis songs, but the three bandmates' solo careers as well.
Genesis's most popular 80's songs include "Invisible Touch," "That's All" and "Land of Confusion." Collins' massively-popular solo career, which won him eight Grammys, includes the songs "In The Air Tonight", "Against All Odds (Take a Look at Me Now)" and "Another Day in Paradise".
It is not clear exactly which songs and albums were included in the deal or how they will be used commercially, but it likely includes the band's work from 1978 onwards. Peter Gabriel and Steve Hackett, who were Genesis members during the band's progressive rock era but left in 1975 and 1977 respectively, were reportedly not included in the deal.
Concord Music Group's president said that the company plans to cash in on the band's 80's pop hits by introducing them to younger generations.
"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," Concord President Bob Valentine told the Wall Street Journal.
The deal came after the market for music rights exploded during the COVID-19 pandemic, attracting investors who sought long-term, reliable income from streaming services like Spotify and Apple Music.
The music rights deals naturally attract retired musicians as well. As Collins battles health issues that makes it unable for him to drum or stand for prolonged periods of time, the mega-deal gives him and his fellow bandmates – all in their early 70s – the chance to capitalize on their life's work for a massive lump sum.
New Jersey singer-songwriter Bruce Springsteen had recently sold his music rights for a whopping $500 million, while Bob Dylan gave his entire song catalog to Universal Music Group in a nine-figure deal.