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RED Hot Chili Peppers are the latest band to sell their music catalogue, with Warner Music reportedly paying more than US$300 million ( $A414 million).
The RHCP’s 13 studio albums apparently make US$26 million per year. They previously sold their publishing to Hipgnosis – which itself has now been sold – for US$150 million.
Bob Dylan, Bruce Springsteen, KISS and Phil Collins are among the other big acts to have “cashed out” – but now younger artists such as Tame Impala’s Kevin Parker.
The Chilis have been on Warners since 1991’s Blood Sugar Sex Magik – now the label can collect all earnings from all the band’s songs without having to hand over anything to the musicians.
The original report was on Billboard; the Hollywood Reporter explained the purchase was funded by a joint venture between Warners and Bain Capital, which is aimed at purchasing catalogues.
That JV has already spent US$650 million on catalogue purchases.
RHCP released two albums in 2022, Unlimited Love and Return Of The Dream Canteen, and none since. Neither the band nor Warners have commented on the Catalogue story.
Other major labels have also partnered with venture capital to purchase catalogues. Universal Music Group has a minority stake in Chord Music Partners, while Sony has a venture with Singapore’s GIC.
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