Genesis members sell catalogs to Concord in over $300 million deal
Concord has officially acquired the recorded and published catalogs of Genesis members Phil Collins, Tony Banks and Mike Rutherford.
Concord recently detailed the significant purchase, which comes weeks after its takeover of the HitCo catalog and about two months after a deal with Australian publisher Native Tongue. According to Nashville-headquartered Concord, this latest piece encompasses song rights from the mentioned artists’ solo careers as well as their stakes in Genesis releases.
Phil Collins, 71, has released eight studio albums (and has a relatively large 16.22 million monthly listeners on Spotify), while Tony Banks, 72, has released six albums for solo fans. Meanwhile, 71-year-old Mike Rutherford has 11 albums to his name outside of Genesis, specifically referring to two solo projects and nine Mike and the Mechanics albums.
Genesis itself released 15 studio albums between 1969 and 1997, and the works include such well-known tracks as “Invisible Touch” and “I Can’t Dance”. However, Concord clarified that “Peter Gabriel and Steve Hackett’s participation in early Genesis albums” is “not included in the acquisition”.
On the valuation front, Concord has not publicly identified the precise sum it paid Genesis. Nevertheless, the the wall street journal reported that the deal is worth north of $300 million, making it one of the most expensive song rights pieces of 2022.
Of course, the exact values of many other catalog sales also remain hidden from the media spotlight. But the first nine months of the year delivered a $100 million intellectual property sale from Justin Timberlake, a massive catalog sale from Neil Diamond, a $100 million sale from Jason Aldean, a $300 million sale dollars from Sting and, most recently, an undoubtedly costly transaction for three-quarters of Avicii’s catalog.
The Genesis members receiving a windfall from the deal did not address the deal in statements, but their “longtime” manager, Tony Smith, touted a strong relationship with Concord in his own remarks.
“Concord is one of the world leaders in music with whom we have worked for many years on the publishing side which we extend to the entire catalog of recordings with publishing; we have been impressed with their good judgment and sensitivity to the wishes of the artists and are confident that alongside the respective ongoing relationships with the Warner Music and BMG record labels, we are leaving the future ownership of the catalog in their capable hands, in safe in the knowledge that heritage will be protected,” Smith relayed in a 90-word sentence.
Along with the mega catalog deals highlighted above, 2022 also brought a collection of smaller-scale sales, including buys involving the work of Future, Florida Georgia Line, Justin Bieber and Chuck D in September alone.