Phil Collins and Genesis sell back catalogue for $300 million
Phil Collins and Genesis are the latest artist to sell the publishing rights and master recordings of their back catalogue. This time they have fetched a whopping $300 million. Seeing as though Bob Dylan sold his for around $200 million back in January, the implication is that the price is only going up.
The rise in artists selling their songs to big labels coincides with the unprecedented increase in their value, meaning that the likes of Genesis, Dylan and Bruce Springsteen are in the perfect position to optimise the value of their assets, leaving their heirs with hefty inheritances without the responsibility of acting as custodians.
Another motivation behind the increase in catalogue sales is perhaps due to the expected rise in capital gains taxes, with US Democrats holding both the White House and the House of Representatives until at least 2023.
The back catalogue was purchased by Concord. The company’s president Bob Valentine told the Wall Street Journal: “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.”
Seeing as though the band wrapped up their final show as a group in March, it seems like the end of their musical chapter. Now, they can put their toes up without any worries about remains.
However, you can also expect to see tracks like ‘Invisible Touch’ and ‘Land of Confusion’ cropping up in a fair few adverts from hereon in. Godspeed to you all.