Rockers Phil Collins, Mike Rutherford and Tony Banks sold the rights to their individual music and their work together in the band Genesis to Concord Music Group Inc. for more than $300 million, the Wall Street Journal reported Thursday, becoming the latest music legends to cash in on their catalogs for a hefty sum.
The deal includes the publishing copyrights, recorded music income streams, and the individual masters of Collins, Rutherford and Banks, along with Genesis’ masters—but excludes the work of onetime Genesis member Peter Gabriel.
Bruce Springsteen sold the publishing rights to his recorded music and songwriting for nearly $500 million, sources told Forbes, in December of last year.
Paul Simon sold his catalog for a reported $250 million in March 2021.
Bob Dylan sold his recorded catalog to Sony Music for upwards of $150 million in January, a year after he sold his songwriting catalog to Universal Music Publishing Group for a reported $400 million.
David Bowie’s estate sold the late singer’s music catalog in January to Warner Chappell Music, reportedly for more than $250 million.
Neil Young sold 50% of his publishing rights last year to Hipgnosis Songs Fund for a reported $150 million.
Fleetwood Mac’s Lindsey Buckingham sold his publishing rights to Hipgnosis, Stevie Nicks sold a portion of hers to Primary Wave for a reported $100 million and Mick Fleetwood sold his to BMG, covering their individual works and their songs written for the band.
Sting sold his catalog in February for an estimated $300 million.
Old-school musicians aren’t the only ones making deals on their music catalogs. Justin Timberlake sold his to Hignosis in May for reportedly more than $100 million. Jason Aldean sold a portion of his catalog to Spirit Music, also reportedly for $100 million. It was reported this month that Kanye West was quietly shopping for a deal, but the rapper and fashion designer said on social media that his rights were not for sale, and were being made available without his knowledge.
When Covid-19 lockdowns tampered with touring, artists turned to catalog sales as a way to generate income. The deals are also beneficial for tax purposes and estate planning, according to Rolling Stone.
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