Concord Records, the independent American label founded television producer Norman Lear (All In The Family, Maude, The Jeffersons) has purchased rights to the music catalogue of Genesis and Genesis members Phil Collins and Mike Rutherford’s solo work.
The Concord deal is reported to be worth around $300 million. It includes the Genesis work of Collins Banks and Rutherford but not the era of Steve Hackett and Peter Gabriel. Included in the deal are songs like Genesis’ ‘Invisible Touch’ and ‘Follow You Follow Me’, Collins’ ‘In The Air Tonight’ and ‘Sussudio’ and Rutherford’s Mike & The Mechanics ‘All I Need Is A Miracle’ and ‘The Living Years’.
Genesis join a long list of artist who have made corporate deal for their catalogues in recent years including Bob Dylan, Stevie Nicks and Neil Young.
The deals secure the ongoing management and exploitation of the artists catalogue guaranteeing continued revenues for decades to come. Many of these artists elderly. By making the decision to do the commercial deals now, they protect their legacy when it is no longer under their control for whatever reason.
Proper management of the ongoing asset secures future revenues which can be distributed according to the wishes of the artist, or for now, enjoyed by themselves.
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