Phil Collins and Genesis sell rights to their music catalogue for over £270m
dailystar.co.uk$300 million (£270m).Wall Street Journal reported that Phil Collins, Mike Rutherford and Tony Banks sold the rights to Concord Music Group Inc, including publishing copyrights, recorded music income streets and the original masters.
It excludes the work of the previous Genesis member, Peter Gabriel. READ MORE: Phil Collins bids emotional goodbye to fans as he performs final show with GenesisThey’re not the first artists to cash in on their catalogues for big money.
Neil Young, Bruce Springsteen and Paul Simon all sold rights to their music in 2021. Neil Young sold 50% of his publishing rights for a reported $150m (£135m), while Bruce Springsteen sold the publishing rights to all his recorded music and songwriting for nearly $500m (£450m), and Paul Simon sold his full catalogue for a reported $250m (£225m).Earlier this year, Bob Dylan sold his recorded catalogue for upwards of $150m (£135m).
It comes after he sold his songwriting catalogue for a reported $400m (£260m). Sting sold his catalogue for an estimated $300m (£270m), and even David Bowie’s estate sold his music catalogue for over $250m (£225m).For more of the latest showbiz news from the Daily Star, make sure you sign up for one of our newsletters here.Musicians turning to selling the rights to their music is reportedly due to the impact of the coronavirus pandemic, with lockdowns meaning artists weren’t able to tour, catalogue sales were an attractive way to generate income.
