The Californian band Red Hot Chili Peppers, created in 1982, has sold its catalog of songs, which includes hits such as “Under de Bridge” and “Dani California”, to Hipgnosis Songs for about 140 million dollars, US media reported today.
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The group that includes singer Anthony Kiedis, bassist Flea, percussionist Chad Smith and guitarist John Frusciante, is the most recent beneficiary of the stampede to acquire the intellectual property rights of famous artists.
Much of the catalog, which includes other hits such as “Calfornication”, “Other Side” and “Scar Tissue”, was composed by Flea, Kiedis, Smith and Frusciante, the latter reincorporated for the more recent work of the band.
Late last year RHCP left Q Prime, the firm that handled its affairs for more than 20 years, and recently confirmed that it had a contract with Gury Oseary, Madonna and U2’s agent.
British investment company Hipgnosis Song Fund acquired 50% of Canadian singer-songwriter Neil Young’s copyright last January, which comprises some 1,180 songs.
A month earlier Bob Dylan sold his rights to some 600 songs to the Universal Music Publishing group for more than 300 million dollars, and for his part the singer Stevie Nicks has sold 80% of the rights to his songs to Primary Wave for about 100 millions of dollars.
Companies typically use these acquired music funds to sell for use in movies, video games, and commercial advertising.
The acquisition of the Red Hot Chili Peppers music catalog is one of the highest profile for Merck Mercuriadis, the Canadian-American music industry executive and founder of Hipgnosis Songs.
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Since 2018 Mercuriadis and Hipgnosis have acquired the rights to catalogs of composers, producers and artists such as Shakira, Timbaland, Barry Manilow, Richi Sambora, Blondie, Fleetwood Mac, Lindsey Buckingham and Jimmy Iovine.