California-based punk rock band Red Hot Chili Peppers is reportedly selling its songwriting catalog to the Hipgnosis Songs Fund. This makes it the latest in an extensive list of artists that have recently inked multi-million-dollar deals to sell their intellectual property.
The deal, which is yet to be closed, is worth nearly $140 million (£100 million). It is likely to include all of Red Hot Chili Peppers’ hit tracks, such as ‘Otherside’, ‘Californication’, ‘Snow (Hey Oh)’, ‘Give It Away’, and ‘Can’t Stop’, among others.
The publishing catalog of the brand is written mostly by Anthony Kiedis, frontman, Flea, the bassist, guitarist John Frusciante and Chad Smith, drummer. It is said to generate net publishers’ share worth almost $5 million - $6 million
The announcement of the sale comes along the heels of numerous high-profile artists signing over their catalogs to Hipgnosis and other companies. Some of the major acts that have divested all or most of their songwriting works include Stevie Nicks, Neil Young, Bob Dylan, Blondie, Paul Simon, David Crosby, Lindsay Buckingham, and The Beach Boys.
2020 was reportedly a good year for Hipgnosis. In November, the company acquired over 42 catalogs from Kobalt Music Copyrights, consisting of more than 33,000 songs. These catalogs included songs written by artists like Mariah Carey, 50 Cent, Fleetwood Mac, and Beyoncé, among others. The publishing giant also purchased the entirety of Shakira’s songwriting catalog, with a total of 145 titles, including those which contributed to her position as the bestselling female Latin artist of all time.
For those unversed, the Red Hot Chili Peppers commenced their music journey in 1983, and have established a firm presence in the alternative rock scene ever since. RHCP is known for being a collaborative effort, with all the members, i.e. Flea, Anthony Kiedis, John Frusciante, and Chad Smith sharing in the songwriting process.