Phil Collins and Genesis have sold their original recordings for more than $300 million.
The Wall Street Journal reported on Thursday (September 29) that singer you will be in my heart And his former bandmates Genesis have reached an agreement with Concord Music Group Inc. regarding acquiring a set of their music rights. The deal includes publishing royalties, masters and various sources of recorded music revenue for the works of Phil Collins, Mike Rutherford and Tony Banks.
It covers works created by musicians during their individual careers, as well as their titles recorded under the Genesis name. The group reportedly received more than $300 million in return. Concord Music Group does not own the rights to Genesis fourth member Peter Gabriel’s music, either from his solo career or from his time in Genesis.
Company president Bob Valentine told the Wall Street Journal that he plans to use his new music rights to bring the band’s old songs to the younger generation.
“In the world we live in today with Facebook, Instagram, TikTok, all of these things that drive the consumption of old music…there are definitely ways for us as a record company to give back to some of that music,” he said.
According to Law Insider, the main or lead recording is the original recording of a song “used to reproduce the recorded sound.” The master is the recording from which any copy is derived “directly or indirectly”, which means that those who own the rights to the masters have the right to copy and reproduce the song.
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