Red Hot Chili Peppers sells its catalog for $ 140 million
Washington, May 4 (EFE) .- The Californian band Red Hot Chili Peppers, created in 1982, has sold its catalog of songs, including hits such as "Under de Bridge" and "Dani California", to the company Hipgnosis Songs for about 140 millions of dollars, US media reported today.
The group, made up of singer Anthony Kiedis, bassist Flea, percussionist Chad Smith and guitarist John Frusciante, joins the list of artists and groups that have sold the intellectual property rights to their works.
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 reinstated for the band's more recent work.
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.
The British investment company Hipgnosis Song Fund last January acquired 50% of the copyright of Canadian singer and songwriter Neil Young, which comprises some 1,180 songs.
A month earlier, Bob Dylan sold his rights to some 600 songs to Universal Music Publishing for more than $ 300 million, while singer Stevie Nicks ceded 80% of the rights to his songs to Primary Wave for about $ 100 million. .
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 largest ever made by Merck Mercuriadis, the Canadian-American music industry executive and founder of Hipgnosis Songs.
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. EFE
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