As noted by Variety, Californian rockers Red Hot Chili Peppers are penning a deal to sell their entire catalog of music to Hipgnosis Songs for upwards of $140 million USD – which in AUD, is over $180 million.
This sale puts them among a growing list of artists who are selling their works in order to benefit from the intellectual property marketplace, which has already seen artists like Bob Dylan and Stevie Nicks cashing in on their work. Dylan sold his catalog for $300 million Universal Music late last year, while Nicks sold hers to Primary Wave for $100 million.
The band first formed in 1983, so their catalog boasts almost four decades of music, spanning 11 records (with a 12th on the way), 12 compilations and five EP’s. The bulk of the band’s material was written by singer Anthony Kiedis, bassist Flea, drummer Chad Smith and on-again-off-again guitarist John Frusciante.
It is unclear whether or not a deal has been closed yet, but it’s expected to include all material, including the band’s biggest hits like ‘Under The Bridge’, ‘Give It Away’, ‘Dani California’ and more. It is not yet certain whether the purchase will include the purchasing of future works.
Hipgnosis Songs, founded in 2018, have been on one hell of a shopping spree since their inception. In just two weeks earlier in 2021, they bought half of Neil Young’s catalog, as well as the works of Lindsey Buckingham of Fleetwood Mac, Shakira and producer Jimmy Iovine, among others. Previous to those sales, they purchased the catalogs of Timbaland, Blondie, Wu Tang Clan’s RZA and many more.
The forthcoming album from RHCP will be Frusciante’s first with the band since 2006’s Stadium Arcadium.