Who is the latest music legend to cash in on their catalogue for a hefty sum?
Rockers Phil Collins, Mike Rutherford and Tony Banks sold the rights to their individual music and their work together in the band Genesis to Concord Music Group Inc. for more than US$300 million, the Wall Street Journal reported on Thursday.
Old-school musicians aren’t the only ones making deals on their music catalogues.
Justin Timberlake sold his to Hignosis in May for reportedly more than US$100 million. Jason Aldean sold a portion of his catalog to Spirit Music, also reportedly for US$100 million. It was reported that Kanye West was quietly shopping for a deal, but the rapper and fashion designer said on social media that his rights were not for sale, and were being made available without his knowledge.
When Covid-19 lockdowns tampered with touring, artists turned to catalogue sales as a way to generate income. The deals are also beneficial for tax purposes and estate planning, according to Rolling Stone.
This article was first published on forbes.com
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