The Red Hot Chili Peppers’ Music Catalog Just Sold For $140 Million!
Hipgnosis Song Fund can't be stopped. In November of last year, the IP management outlet purchased over 42 music catalogs from Cobalt Music Copyrights. Those catalogs were filled with more than 33,000 songs from artists including 50 Cent, Mariah Carey, Fleetwood Mac, and Beyonce.
Not looking to slow down, Hipgnosis just made another massive purchase, spending a reported $140 million to acquire the Red Hot Chili Peppers' entire catalog. Billboard was one of the first outlets to report the sale, which has not yet been finalized but is expected to go through.
The majority of the band's music was written by frontman Anthony Kiedis and generated an estimated $5 million in net publishers' share. With their album, "The Getaway," coming out in 2016, the Chili Peppers are now looking towards the future as they work on new songs:
"For now, we'll mostly be concentrating on new songs and writing a new record. We're all real excited to make new music."
