The most recent esteemed musician to close a deal for their music catalog are Genesis members, including Phil Collins, Mike Rutherford and Tony Banks, in a deal that includes the catalog of both the band themselves and their solo work. The Wall Street Journal reported that the deal between British rockers and Concord Music Group, Inc. It was worth $300 million.
The deal comes at a time when Concorde was previously considering selling itself, and includes “a mix of taped music income streams and masters” hailing from the legends of the rock zodiac. The company had a previous business relationship with Collins and the rest of Genesis, having bought Imagem Music Group in 2017, and according to Concorde president Bob Valentine, the deal stemmed from that relationship.
Valentine also says in a press release that the company has big plans to get the Genesis catalog in front of a new audience:
“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 bring some of that music back to life.”
It remains to be seen if the kids on TikTok get confused over the song “I Can’t Dance” in the near future, but the deal has brought Genesis into the institutional fold that includes Rodgers & Hammerstein and Kidz Bop catalogs, while Concord also includes artists such as Mark Ronson among its cast clients. and Daft Punk and St. Vincent and Nine Inch Nails.
The market for big-ticket sales from music catalogs has cooled somewhat in recent years, but not before artists like Bob Dylan, Bruce Springsteen, Tina Turner, and others. Broadcasting rights ratings in particular got a shock from the COVID-19 pandemic as more and more people were listening to music at home. But now, says the Wall Street Journal, investors are starting to be more cautious, which may be why this $300 million deal has so much material under its umbrella.