Back on Thursday (September 29) it was reported by The Wall Street Journal that Phil Collins and Genesis sold a portion of their music rights to Concord Music Group. The deal was massive, reportedly valued at over $300 million.
The sale reportedly includes the publishing rights for Genesis, as well as a portion of the group’s recorded music income streams and masters. Collins’ solo music was also allegedly included in the deal, as well as Mike Rutherford’s output with his band, Mike & the Mechanics.
According to Billboard, the sale includes hits like Collins’ “In the Air Tonight,” “You’ll Be in My Heart,” and “Against All Odds,” as well as his covers of Diane & Annita’s “A Groovy Kind of Love” and the Supreme’s “You Can’t Hurry Love.” As for Genesis songs, Concord Music Group reportedly now owns select rights to songs like “Invisible Touch,” “Land of Confusion,” “That’s All,” and “In Too Deep."
While the deal is huge, it is familiar territory for Genesis and Phil Collins. Concord Music Group has owned the publishing rights for the Genesis and Phil Collins catalogs since 2017, when it acquired their previous owner, Imagem Music Group. The catalogs of Daft Punk, Mark Ronson, Linkin Park, and M.I.A., also changed hands with the acquisition.
So, what is the point of the Phil Collins and Genesis deal? In a statement shared with The Wall Street Journal, Concord president Bob Valentine said that the company plans to use social media to bring the catalog to a younger audience.
“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,” he explained.
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