The Red Hot Chili Peppers have become the latest string of artists to cash in on their catalog of hit songs. Recently the band sold the rights to songs including “Californication” and “Annie I’m Not Your Daddy” for $140 million.
The band will reportedly sell their publishing rights to London-listed music investment firm, Hipgnosis, per Variety’s reporting. Founded in 1982, the Chili Peppers are the latest globally-known acts to unload their entire catalog to the firm. In the past three years, Hipgnosis has struck deals with Neil Young, Shakira, and former Fleetwood Mac guitarist Lindsey Buckingham.
Additionally, in 2020, Bob Dylan sold his 600-song catalog for more than $300 million to Universal Music. Fleetwood Mac frontwoman Stevie Nicks also sold hers to Primary Wave for $100 million. Additionally, Hipgnosis garnered half of Neil Young’s massive 1,180 song catalog for around $150 million in January.
In under three years, the UK-based company has also bought the catalogs of artists including rapper Timbaland, Wu-Tang Clan’s RZA, Blondie, Pretenders frontwoman Chrissie Hynde and Barry Manilow.
Red Hot Chili Peppers’ Bandmember Signals New Music Ahead
While the Red Hot Chili Peppers haven’t released new music in over five years, their drummer Chad Smith has confirmed that they are working on a “very exciting” new album. During a recent interview, Smith was asked what’s ahead for the Chili Peppers as live music begins to come back as the pandemic winds down.
“There’s something coming. We’re coming for you,” he said. “I can say this — we’re making a record, we’re making new music and it’s very exciting. I don’t know when it’s coming out, but we can’t wait for people to hear it and we can’t wait to perform for people, just like everybody else that really misses that experience.”
The last album from The Red Hot Chili Peppers was 2016’s The Getaway, which featured Josh Klinghoffer on the guitar. In November of 2019, the group revealed that they were reuniting with John Frusciante, which means their next album will be their first with Frusciante since Stadium Arcadium in 2006.
Smith’s commented after a recent change in the band’s management. In April, the Red Hot Chili Peppers reportedly went separate ways with Q Prime, the American music management company. They worked together for over 20 years. As a result, they signed a new deal with Guy Oseary.
In October, Frusciante shared that the pandemic allowed the band to focus on writing new material. At the time, he shared that his reunion with the band was like “returning to family.”Smith and Frusciante recently worked on two tribute albums, in which they pay homage to Metallica and Gang of Four.