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The Californian funk rockers Red Hot Chilli Peppers are set to sell their entire catalogue to Hipgnosis for an impressive $140 million.
The gold rush for music rights continues as Hipgnosis is set to purchase the Californian band’s entire catalogue for a staggering $140 million. Red Hot Chilli Peppers, who are known for their hit singles ‘Californication’, ‘Can’t Stop’, and ‘Under The Bridge’ are the latest band to sell their music rights, joining the likes of Bob Dylan, Mick Fleetwood, and David Crosby (to name a few).
The band’s catalogue was written largely by singer Anthony Kiedis, bassist Flea, drummer Chad Smith and guitarist John Frusciante, who recently returned to the band after a hiatus. It’s reported that the band’s catalog generates $5 million to $6 million in net publishers’ share.
Out of all the companies looking to snap up music rights, Hipgnosis has been one of the most notable. They’ve secured music rights from artists such as Neil Young, Fleetwood Mac, Stevie Nicks, Shakira, Timbaland, RZA, Blondie, Barry Manilow, and many many more.
As the year goes on it’s likely we will see more artists selling their publishing rights and they’re likely to start getting younger. Recently a Concord Music affiliate purchased 145,000 owned and co-owned publishing rights from Downtown Music Holdings, this included rights for artists such as Beyonce, Lady Gaga, and Jay Z.