Red Hot Chili Peppers look to sell back catalogue for $350 million
The catalogue of California rock group Red Hot Chili Peppers is up for sale, with reports suggesting that the band are looking for a fee in the region of $350 million for their music.
The sale will include all of the band’s recorded masters, including all nine of their studio albums issued by Warner Music Group (WMG). However, it is unclear whether the band currently owns the first four albums, which were issued by EMI.
Songs from the band that will be included in the sale include some of their biggest hits such as ‘Under The Bridge’, ‘Scar Tissue’ and ‘Dani California’, among others.
According to Billboard, the band’s catalogue generates approximately $26 million in annual revenue. Despite having released the majority of their catalogue via WMG, they are believed to be one of the potential buyers, which would mean they would gain complete rights over the band’s music.
Just four years ago, Red Hot Chili Peppers sold their music publishing to rights investment and asset management company Hipgnosis for $150 million, meaning that if they successfully reach a deal for the projected amount, they will have accrued half a billion dollars for their music assets.
Red Hot Chili Peppers’ most recent album, Return of the Dream Canteen, was released in October 2022, only six months after their previous effort, Unlimited Love. Both were recorded during the same sessions by producer Rick Rubin, who has produced all but one of the band’s albums since 1989’s Mother’s Milk.
In 2019, guitarist John Frusciante returned to the band’s lineup for a third time, having first joined the group replacing the late Hillel Slovak in 1988. Leaving after four years in the band, he first rejoined in 1998 and remained in the band for a further 11 years before another hiatus.
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