Phil Collins and his former bandmates from Genesis , Mike Rutherford and Tony Banks, accepted a $300 million music rights deal from Concord Music Group, according to The Wall Street Journal.
The agreement would have left out the works of Peter Gabriel, a former member and one of the founders of the band, as well as other former members of the group. The transaction also includes all amounts collected from streaming playback.
Also according to the newspaper, the transaction signals the return of Concord, one of the largest independent music labels, as a buyer after a period of uncertainty and a possible sale of itself.
With the deal, Collins, 71, who has been struggling with health, follows a trend that has become increasingly normal among music greats. Bob Dylan, Bruce Springsteen, Shakira, Justin Timberlake , among other artists, have also sold their music catalogs in recent years for millionaire sums. Dylan grossed nearly $400 million and Springsteen just over $500 million.
Formed in the early 1970s, progressive rock band Genesis released hits like “Foxtrot” and “The Lamb Lies Down on Broadway.”
But it was with Collins, who took over the vocals after the departure of Peter Gabriel, that the band rose to stardom, with the songs “Invisible Touch”, “That’s All” and “I Can’t Dance”. There were 15 studio albums released.
In his solo career, Collins has produced eight albums and written hits such as “Against All Odds (Take a Look at Me Now)”, “One More Night” and “Another Day in Paradise”. It also won eight Grammy Awards and an Academy Award for Best Original Song “You’ll Be in My Heart” from the 1999 film “Tarzan” soundtrack.
In an interview with The Wall Street Journal, Bob Valentine, president of Concord, says that with the purchase he wants to “present the catalog of pop hits from the 1980s to the younger generations”.
“In the world that we live in today with Facebook, Instagram, TikTok, all these things that drive consumption of old music, there are definitely ways for us as a label to bring some of that music back to life,” he said.
*Published by Thayana Nunes.
Source: CNN Brasil
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