The Red Hot Chili Peppers are promoting their tune catalog to Hipgnosis Songs for upwards of $140 million, sources verify to Variety, making them the newest heritage artist to profit from the mental property gold rush that has seen Bob Dylan promote his songwriting catalog to Universal Music Publishing for greater than $300 million and Stevie Nicks promote hers to Primary Wave for $100 million.
The band, which fashioned in 1982, has a strong catalog of hits together with “Under the Bridge,” “Give It Away,” “Dani California,” “Knock Me Down” and others, and drummer Chad Smith not too long ago confirmed that the group has been engaged on a brand new album. The information was first teased by Music Business Worldwide and reported by Billboard; on the time of this text’s publication, it was unclear whether or not the deal had totally closed.
The Chili Peppers’ catalog was largely written by the band’s key members since 1989 —singer Anthony Kiedis, bassist Flea, drummer Chad Smith and guitarist John Frusciante, who not too long ago returned for his third stint with the group. As reported by Billboard, the catalog is run by Moebetoblame Music, below the steerage of lawyer Eric Greenspan, managing associate of the regulation agency Myman, Greenspan, Fox, Rosenberg Mobasser, Younger & Light LLP. Sources say Greenspan shopped the deal for the band. It additionally reported that the group’s catalog generates $5 million to $6 million in web publishers’ share.
Reps for Hipgnosis and the band didn’t instantly reply to Variety‘s requests for remark; Greenspan couldn’t be reached for remark.
Change is within the air for the group, which left Q Prime, its managers for greater than 20 years, final fall, and not too long ago confirmed that they’ve signed with Madonna/U2 supervisor Guy Oseary.
Hipgnosis, in fact, has been on a catalog-acquisition binge that’s unparalleled in music business historical past and has pushed up the worth of tune catalogs exponentially. In simply two weeks early this yr it acquired half of Neil Young’s catalog, in addition to these of Fleetwood Mac veteran Lindsey Buckingham, producer/govt Jimmy Iovine amd Shakira. In just below three years, Hipgnosis has acquired catalogs by such hitmakers as Timbaland, Pretenders frontwoman Chrissie Hynde, Wu-Tang Clan’s RZA, Blondie, Barry Manilow, Jeff Bhasker and lots of extra.
This article was first revealed on website