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Entertainment Red Hot Chili Peppers sells song catalog to Hipgnosis for $140 million

11:05  04 may  2021
11:05  04 may  2021 Source:   dailymail.co.uk

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Their hits include Under The Bridge, Knock Me Down, Give It Away and Dani California.

And now the Red Hot Chili Peppers are cashing in on their almost four decade-long career by selling their song catalog.

The rock group has agreed a deal with Hipgnosis Songs for upwards of $140 million, Variety reported Monday.

John Frusciante, Flea, Chad Smith around each other: In the money: The Red Hot Chili Peppers, pictured in 2000, are cashing in on their almost four decade-long career by selling their catalog to Hipgnosis for upwards of $140 million, Variety reported Monday © Provided by Daily Mail In the money: The Red Hot Chili Peppers, pictured in 2000, are cashing in on their almost four decade-long career by selling their catalog to Hipgnosis for upwards of $140 million, Variety reported Monday

The main beneficiaries will be singer Anthony Kiedis, bassist Flea, drummer Chad Smith and guitarist John Frusciante who wrote most of the group's songs.

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It's been five years since Red Hot Chili Peppers last released an album but drummer Chad Smith teased that the band has some new music coming down the pipeline.

During an interview with New York's Q104.3, Smith shared: '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."

Red Hot Chili Pepper’s last album was The Getaway in 2016 and since then, Frusciante has rejoined the group following a 10-year absence.

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They're the latest hitmakers to turn their back catalog into cash.

Bob Dylan sold his songwriting catalogue to Universal Music for $300million while Stevie Nicks got $100 million from Primary Wave for hers.

Meanwhile, Hipgnosis has been on what Variety calls 'a catalog-acquisition binge that is unparalleled in music industry history and has driven up the price of song catalogs exponentially.'

Hipgnosis acquired half of Neil Young’s catalog as well as Lindsey Buckingham's catalog earlier this year.

Its other acquisitions since 2018 include the works of Shakira. Timbaland, Pretenders frontwoman Chrissie Hynde, Wu-Tang Clan’s RZA, Blondie and Barry Manilow.

Debbie Harry posing for a picture: Catalogues: Its other acquisitions since 2018 include the works of Shakira. Timbaland, Pretenders frontwoman Chrissie Hynde, Blondie (pictured) and Barry Manilow © Provided by Daily Mail Catalogues: Its other acquisitions since 2018 include the works of Shakira. Timbaland, Pretenders frontwoman Chrissie Hynde, Blondie (pictured) and Barry Manilow Read more

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usr: 1
This is interesting!