RHCP

Red Hot Chili Peppers Sell Song Catalogue To Hipgnosis for Around €120 Million

Avatar
0
218

Funky rockers, RHCP are reportedly about to sell their entire back catalogue for under €120 million. Anthony Kiedis and the band are about to close in on the biggest deal yet between Hipgnosis Songs Fund and an artist.

Founded by music legends Merck Mercuriadis and Nile Rodgers, the investment company is believed to have paid the figure for RHCP’s biggest hits. Under The Bridge, Give It Away, Californication, Scar Tissue, All Around The World, and Throw Away Your Television are just some of the massive hits acquired by the company.

Hipgnosis add RHCP to its collection, already consisting of former Fleetwood Mac guitarist Lindsey Buckingham’s entire back catalogue. 50% (1,180 songs) of Neil Young’s music collection was also acquired, which is said to have sold for an estimated €125 million. Although, the company’s largest payment came through its acquisition of a sizeable amount of Kobalt Music Group’s artists’ works for around €270 million. This acquisition included the ownership to massive hits by Fleetwood Mac and George Benson.

The London-based investment company has spent more than €1bn in the past three years buying up the royalty rights to evergreen music hits. As well as getting the RHCP, the company has also struck deals with Shakira and super-producer Jimmy Iovine, since the start of the year.

Meanwhile, since reuniting with lead guitarist, John Frusciante, RHCP are said to have been working on some new music. Formed in 1982, the band already have a catalogue of global hits including Under The Bridge and Give It Away. Following a decade long hiatus, Frusciante re-joined the band in 2019, at the expense of Josh Klinghoffer.

Last October, Frusciante discussed penning new tracks with RHCP and said the band has been “rehearsing for a couple months, then the quarantine started, and we stopped rehearsing for a couple months, then we went back to rehearsing. We’re moving ahead with what we’re doing, writing new music.”

Earlier this week, RHCP drummer Chad Smith gave an update on their follow-up to their 2016 album, The Getaway. Smith joked by saying, “There’s a gag order on me, I guess I do so many Zooms and they’re just like, ‘Why did you say that?’ … There’s something coming! 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.”