Phil Collins and Genesis are the latest artists to sell their catalogs for a massive payday.
Per The Wall Street Journal, the music rights for those catalogs, which include some of the music of Mike + the Mechanics, sold to Concord Music Group Inc. for a reported $300 million.
The deal is just the latest blockbuster payday for a veteran musician’s catalog. The past couple of years has seen some of music’s most legendary performers sell their music/publishing rights. In February, Sting sold his solo and Police catalog rights to Universal for a reported $250 million. That same month saw Neil Diamond sell his legendary catalog for an undisclosed, but very large sum. In January, the estate of David Bowie sold the rights to his catalog for upwards of $250 million. Just before the end of 2021, Bruce Springsteen sold his masters and music publishing catalog for a reported $500 million.
The payday is a big reason why these artists are selling their catalogs, but another reason to sell is to prevent any potential drama once they pass away. Publishing expert Michael Pagnotta told us in an interview in February, “While you’re in sound mind and there’s a great offer on the table, you might take it so that you can keep your whole family from killing each other when you’re gone. I think that’s a perfectly reasonable thing to do.”
